Answer: Option C
Explanation: In simple words, a product refers to an entity that that could be tangible or intangible and is produced by the manufacturer for satisfying the wants of its customers.
Hence anything that is offered to the market and has the ability to satisfy the needs of specified individuals will be classified as a product.
Thus, the correct option is C.
Most likely true! Economics is the knowledge/ study of how society functions!
Answer:
First of all let's understand what is demand
Demand is the total value of goods and services demanded in an economy during a specific time period at a given price level. It is also referred as the demand for the gross domestic product of a country.
a.
Future expectations:
Since the consumers are expecting the new model in the next year, they would prefer to buy the new model. Thus, present demand for mobile phone would decrease.
b.
Increasing disposable income:
The gift of $500 would increase the disposable income by $500. Since the person’s income increases, they would demand more. Thus, it leads to increase the demand for mobile phone.
c.
Related goods:
Text messaging is complementary goods with the mobile. Since the price of a text message is service price decreases, it leads to increase the demand for mobile.
d.
Preferences:
The friend increases the preferences of buying mobile by describing the positive aspects of new mobile. This increases the person’s interest and he would buy the mobile. Thus, strong preference leads to increase the demand for mobile.
The package software company, intuit, bought mint.com as one strategy for anticipating the future and avoiding disruptive innovation.
A disruptive innovation is one that makes products and services simpler and more accessible to underserved or untapped markets.
Traditionally, established businesses focus on refining their goods and services for their lucrative clientele, usually ignoring the requirements and preferences of undeveloped markets. This lack of focus allows smaller businesses or newcomers the opportunity to reach this disregarded group with easier, more accessible choices.
On the other side, sustaining innovation refers to the practice of inventing to improve current goods and services for the client base already present, either in response to consumer or market demands.
To know more about disruptive innovation.
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Answer:true
Explanation:
It refers to the mobile phone being used outside the range of its home network and connects to another available cell network.
