Secondary Effects Are Consequences of Economic Actions That Develop Slowly

question 9

True/False

Secondary effects are consequences of economic actions that develop slowly over time as people react to events.

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Definitions:

Product-Based Definition

An approach that defines a product by its features, components, and attributes rather than its function or the customer need it satisfies.

Manufacturing-Based Definition

relates to quality concepts focusing on adherence to specifications and efficiency in production processes.

Customer Dissatisfaction

Refers to the state when customers' expectations are not met by the products or services provided, leading to a possible decline in loyalty and business.

Warranty

A guarantee provided by a manufacturer or vendor regarding the condition of its product and a promise to repair or replace it within a specified time frame if it's found to be defective.