In "thinking like an economist," the section "the role of economic theory" states that many economists believe that useful insights into our behavior can be gained by assuming that we act as if governed by the rules of rational decision-making.
It is possible to define rational decision-making as a decision-making process that incorporates reasoning at every stage. It is founded on the use of impartial knowledge. The first step in making a reasonable decision is to identify the issue that needs to be resolved, followed by the collection of all relevant data.
The next step is to examine every outcome that might result from each potential solution. The decision-making process that follows comprises weighing all viable options and selecting the best one based on reasoning.
Rational decision-making examples include:
● A student chooses what to study in his post-secondary education.
● A commercial choice regarding what to buy for the company.
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The response of local competitors was slow because they lacked the ability to marshal resources.
<u>Explanation:</u>
The focused cost leadership is a tactic in which businesses selling identical goods in a given market reduce their prices to raise sales and gain a competitive edge. Rather than sacrificing on value or already investing scarce resources to develop a commodity, reducing prices is a safer way to draw consumers. Walmart used such strategy to establish an edge in smaller communities but local competitors response was time taking as the resources were available but coordination among resources to result into proper manufacturing or servicing was lacking.
Answer:
This is an escrow transaction. An escrow is an arrangement where a third party (ABC Escrow) holds funds for a given transaction between other two parties.
The Van Horns are the grantees in this transaction.
The escrow is responsible for the safe keeping of the funds, in order to avoid any type of loss or fraud.
Answer:
it helps efficiently direct the flow of savings and investments in the economy.
Explanation:
yeah thats it
Answer:
Market introduction
Explanation:
One of the stages of a product life cycle is introduction. Infact, it is the very first stage of a product life cycle.
Market introduction from the name can be said to be the stage of a product that involves quite a lot of advertising. The advertising is aimed at informing the populace about the availability of the product and the usefulness of such product.
Simply put, product introduction is giving awareness about the availability of a new product and its benefits.
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