Most likely true! Economics is the knowledge/ study of how society functions!
Answer:
Kevin has analyzed the situation well. However, he should also consider the fact that he saved $10 by only purchasing the shirt.
Opportunity cost is the cost of the forgone alternative. Out of the 3 choices, he only purchased 1 of the choices, the opportunity cost are the other two choices. However, he is still capable of buying the flip-flops costing $10 but he chose not to do so. He should consider it as a savings aside from it being a lost opportunity.
Answer:
there is a tradeoff between safety and fuel economy
Explanation:
Tradeoff is also known as opportunity cost. It is the cost of the next best option forgone when one alternative is chosen over other alternatives
By choosing fuel economy, auto manufacturers are reducing safety of cars. This is an example of a tradeoff
Answer:
The correct answer is letter "A": research and validate marketing opportunity, identify business needs, segment total market, profile target customer segment, research and validate marketing opportunity.
Explanation:
In an attempt to expand their operations, companies must analyze the market where they are planning to handle businesses. For such a purpose, entities must use two important tools which are segmentation and targeting. Segmentation is the classification of the market that differentiates customers by different features such as age, gender or income.
Targeting refers to selecting a specific sector of the market to whom the product planned to be manufactured will be offered. The steps an organization should follow to conduct the segmentation and targeting correctly are:
- <em>Research and validate marketing opportunity (in the beginning)
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- <em>Identify business needs
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- <em>Segment total market
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- <em>Profile target customer segment
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- <em>Research and validate marketing opportunity (at the end)</em>
