Scarcity has an impact on how people value goods and services, as well as how governments and private companies divide resources. The infinite wants of the consumers define the economic value of an item.
<h3>What factors influence the economic value of an item?</h3>
The relationship between supply and demand for a specific product determines relative scarcity.
The scarcity principle is an economic theory that explains the dynamic supply-and-demand price relationship.
The scarcity principle states that if an item has a low supply and a high demand, the price will rise to meet the predicted demand.
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Answer:
consumer products
Explanation:
Consumer products (or final goods) are the every products we buy all the time. Consumer products are the products that people buy for personal use. Consumer products are divided into four categories:
- convenience
- shopping
- specialty
- unsought
Generally consumers buy this type of products routinely, by habit and without thinking a lot about them.
Answer:
The correct answer is: Regarding the above, it is taken into account that the vast majority of new product ideas do not become marketable products, and most marketable products are failures. Perhaps hundreds of designs accompany each success. So it is the primary task of management to clearly assess the market in order to know what are the trends that allow a business duration over time.
Explanation:
The production or service execution process is the core process that encompasses all the operations carried out by an organization to transform requirements into a final product or service. The entries that involve orders and budgets become work orders that allow planning, design, manufacturing and execution, all supported by the support processes that involve purchases and resources. Finally, the exit of this activity constitutes the process of expedition and after-sale.
