It is defined as the country's state on how it handles its activities such as money supply, resource allocation, and production and distribution of services to ensures human wants and needs have been met. Furthermore, the basic economic systems include traditional, mixed, market and command economy.
Answer:
B. Using census data to find information about your target market
Explanation:
Answer:
INNOVATION
Explanation:
First Mover Advantage is the gained competitive advantage due to being first entrant in the market & hence occupying significantly powerful place in that market segment.
First Mover advantages can be : Economies of Scale, because of higher demand (strong loyal customer base) & streamlined supply processes (old supply chains & supplier's connections) etc.
Old Trade Theorists suggested Factor Endowments as a reason for acquiring First Mover Advantage. New theorists highlight that 'Innovation' plays the main role in today's Knowledge Economies & endogenous growth approach (focusing on human capital, innovation & knowledge) era. Example : Amazon gained first mover advantage in E Commerce as it was first pioneer of innovative idea of selling goods at online platform.
Answer:
ECONOMIES OF SCOPE
Explanation:
Economies of Scope concept implies producing different , but related products will reduce the per unit cost of production of the firm (relatively lesser than if the products would have been produced separately.
This happens because of backward & forward linkages in interrelated but different goods' inputs & outputs .
Ex : In this case, another byproduct - molasses has been produced of waste from sugar production, which could have otherwise been purchased input.
Economies of Production is cost reduction due to quantity & not variety production. Diseconomies of Scale & Diseconomies of Scope are their opposite phenomenas leading to cost rise . So , none of these 3 are apt.
