Answer:
Allocative efficiency is about distributing or allocating resources in the best possible manner. E.g. in order to fight the current pandemic, more resources ($) is allocated to different health care institutions.
Productive efficiency is about how a company or a person uses the resources that it has in order to produce the greatest amount of benefits at the lowest possible cost. E.g. in a hospital, if a doctor is able to treat 15 patients per day, his/her productive efficiency will be higher than another doctor that only treats 10 patients per day.
You should prioritize your first customer since they are entitled with your full attention being the one who availed your service first. You can ask the second customer if she can wait. But if the second customer would be so persistent, you can ask permission from the first customer if she is not in a hurry and that you would entertain the second customer first.
Answer is D.
Explanation: They have a larger number of potential customers because people anywhere can buy from them.
Explanation:
strengths:
1. He or she enjoys all the profit
2. easy to start up
3. decision making is quick
4.he or she can vary the hours of work
weakness:
1.there is lack of finance
2. lack of specialised staff
3.the owner bears all the risk
4.there is unlimited liability
who might start a sole proprietor business
1. a person that wants to be their own boss.
2.extra income.
3.the entrepreneur might think he will make more money working for his self than others.
Answer:
Mary is relying on <u>referral marketing</u> to identify potential customers.
Explanation:
Referral marketing is a method of spontaneously promoting a businesses products and services to new customers by word of mouth. This can happen through a variety of channels such as email, mobile, and social media.
Referral programs are formal programs that exists in some organizations instituted by employers to encourage employees to refer candidates for jobs at the company.
Referral programs benefit both the employer and the current employees. In some cases, a bonus can be earned if a referred candidate is hired.
