The era of the marketing evolution in which firms begin to focus on what consumers wanted and needed before designing, making, or selling a product is market-oriented era.
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What is the market-oriented era?</h3>
It should be noted that around the year 1940s when industries realized that focusing only on their business needs and as a result of this the customers are unsatisfied.
However, the businesses' marketing tactics that is been engaged that time is identifying what customers need and effectively customizing activities .
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Answer:
QUESTION 1:
The horizontal axis measures an economy's real GDP- 3
QUESTION 2:
As price level rises, imports become relatively cheaper than domestically produced goods- 1
Explanation:
QUESTION 1
The horizontal axis of the aggregate demand and aggregate supply measures an economy's real GDP. The GDP is the sum of all the final goods and services produced in the economy while the vertical axis of an aggregate supply and aggregate demand diagram measures the price index level.
QUESTION 2
When domestic interest rate is low compared to foreign interest rates, domestic investors invest in foreign countries where return on investments is higher. Increased outflow of currency to foreign countries, causes a decrease in real exchange rate. This decrease, increases net exports. This then, increases aggregate demand. As the price level drops, interest rates fall, investment in foreign countries becomes increased, real exchange rate falls, net exports increases and the aggregate demand then increases.
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