The answer to your question is
<span>d. they must be an integral part of the finished product but can be an insignificant portion of the total product cost.
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Answer:
False
Explanation:
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods.
Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value.
Answer:
The term "benchmarking" as it relates to the hotel industry refers to comparing metrics for hotels of similar size or profile.
Explanation:
a) Benchmarking is a process wherein a company's products, services, business processes, or performance metrics are compared with a “best in class” competitor. The purpose of benchmarking is to enable organizations to make improvements by adapting specific best practices. A retail shop's metrics can be compared with the leading retail shop in your area. Given the deep insight gathered from benchmarking, this retail shop can decide to alter its line of products, the way it competes in the marketplace, or to undertake some improvements in her business processes.
There are four types of benchmarking, including internal, competitor, functional, and generic. Internal benchmarking is limited to internal processes. Competitor benchmarking compares one company's processes, products, or services to another. Functional benchmarking compares one function of an entity to another entity's. While generic benchmarking compares unrelated companies' processes or functions.
Answer:
Normal good
Explanation:
Income effect Is change in quantity demanded when the consumers purchasing power change as a result of a change in real income.
Substitution effect is when quantity demanded falls as a result of rise in price of a good which leads consumers to purchase cheaper alternatives.
A normal good is a good whose demand increases as income increases.
If the price of a normal good falls, the real purchasing power of the consumer increases and the consumer buys more of the good. Also, the consumer substituites from more expensive alternative goods to the more cheap normal good. The income and substitution effect both move in the same direction.
