What is the basic problem with the economics?

Business

1 answer:

alexdok [17]3 years ago

7 0

Answer:

Scarcity

The Basic Problem - Scarcity

Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose.

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Switching costs, the number of buyers, and if the items represent a relatively small portion of the cost of finished products ar

Murrr4er [49]

Switching costs, number of buyers, and if the items represent a relatively small portion of the cost of finished products are key considerations regarding the bargaining power of buyers.

Switching costs are the costs which are paid by a consumer as a result of switching brands, suppliers, or products. Some companies may employ high switching costs in order to prevent customers from moving to another brand.

Suppose if the customer purchases large volumes of standardized products from the seller, then the buyer's bargaining power is quite high. Also, when substitute of a product is available in the market, the buyer power increases.

Hence, most prevailing switching costs are monetary in nature.

To learn more about switching costs here:

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1 year ago

Consumers have the right to choose from numerous products in a competitive marketplace. Who suffers when there is less competiti

Scorpion4ik [409]

Consumers because they have right to choose

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1 year ago

Lean practices Include those which are designed to ellminate waste while still satistying the customer. Examples of lean practic

zubka84 [21]

Answer:

The correct answer is letter "A", "C", and "E": continuous improvement; just-in-time manufacturing; total quality management

Explanation:

Lean practices involve several activities companies can engage to reduce inefficiency at work. Organizations achieved this by eliminating wasteful practices among employees to improve the output quality and keep consumers preference, thus making a profit. <em>That improvement must be continuous and imply managers will seek constantly perfection</em>.

For instance, manufacturing companies can eliminate waste by keeping tight deadlines and <em>delivering their products just in the time</em> the suppliers or final consumers expect.

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3 years ago

Selected transactions from the journal of Metlock Inc. during its first month of operations are presented here:

Akimi4 [234]

Answer:

Metlock, Inc.

T-accounts:

Common Stock