Need Correct answer
Please don't spam
Answers
- 1).Business is extremely important to a country’s economy because businesses provide both goods and services and jobs.
- Businesses do these things much more efficiently than individuals could on their own.
- Businesses are the means by which we get most of the goods and services that we, as consumers, want and need.
2) The economic environment refers to all the economic factors that affect commercial and consumer behavior. The economic environment consists of all the external factors in the immediate marketplace and the broader economy. These factors can influence a business, i.e., how it operates and how successful it might become.
3)
(1) Primary Function
(2) Achieving Objectives
(3) Futuristic/ Forward-Looking
(4) All Pervasive
(5) Continuous Process
(6) Decision Making
4)
- Develop premises.
- Evaluate alternatives.
- Identify resources.
- Plan and implement tasks.
- Determine tracking and evaluation methods.
1) A contract has six important elements so that it will be valid which is offer, acceptance, consideration, intention to create legal relation, certainty and capacity. If the main elements are not in contract, it would be an invalid contract
2) Organisational Factors: Pricing decisions occur on two levels in the organisation.
Marketing Mix: Marketing experts view price as only one of the many important elements of the marketing mix.
- Product Differentiation
- Cost of the Product
- Objectives of the Firm
- Demand
- Competition
- Suppliers
3) Utility is the satisfaction a person derives from the consumption of a good or service. Total utility is the total satisfaction received from consuming a given total quantity of a good or service, while marginal utility is the satisfaction gained from consuming an additional quantity of that item.
4) the law of demand is a fundamental principle which states that, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". The only factor which influences the quantity demanded is the price. The law of demand “works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions” The law of demand describes an inverse relationship between price and quantity demanded of a good. Alternatively, other things being constant, quantity demanded of a commodity is inversely related to the price of the commodity. For example, a consumer may demand 2 kgs of apples at $70 per kg; he may, however, demand 1 kg if the price rises to $80 per kg. This has been the general human behaviour on relationship between the price of the commodity and the quantity demanded. The factors held constant refer to other determinants of demand, such as the prices of other goods and the consumer's income.There are, however, some possible exceptions to the law of demand, such as Giffen goods and Veblen goods.
