Budgeting involves planning
Answer:
Marketing research
Explanation:
Marketing research is the process of obtaining well researched information about a target market and its potential customers. It is an important marketing strategy in that it helps an organization find a new target market and also provide an avenue for potential consumers to provide their opinion and feedback about their interest in the firm's products.
Example of marketing research includes phone survey, online interviews, focus groups, survey etc.
Answer:
C. the skills and knowledge that enable a worker to be productive.
Explanation:
'Human Capital' is the stock of knowledge & skills embodied in people, enabling them to perform labour of economic value. It is considered as 'capital' because skills & knowledge development to become more productive yields better income & standard of living.
Human Capital formation i.e knowledge, skills & productivity enhancement has two crucial components : Education and Health.
Options A, B, D are inapt because : Human Capital is not 'physical capital', 'financial wealth', 'machinery' ; but is rather immaterial knowledge & skill set in people.
The demand for this product is B. Elastic in nature.
If the price elasticity of demand is:
- Less than 1, a good is said to be inelastic.
- More than 1, good is elastic
- Equal to 1, good is unit elastic
The price elasticity of demand is calculated by the formula:
<em>= Change in quantity demanded / Change in price </em>
= 10% / 5%
= 2
Price elasticity of demand is more than 1 so we can conclude that the product is elastic.
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<u>Options for this question include:</u>
A. Inelastic
B. Elastic
C. Unit elastic