_____ Involves Looking at Where an Industry Currently Is and the Trends

question 25

Short Answer

_____ involves looking at where an industry currently is and the trends and directions predicted over the next three years so that a business can try to determine how competitive an industry is in the global market.

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Definitions:

Productivity

The measure of how efficiently inputs are converted into outputs in a production process.

Residential Use

Pertains to property or resources utilized for dwelling purposes, including houses and apartments designed for people to live in.

Commercial Use

The use of products, services, or information for business purposes or financial gain, as opposed to personal or educational use.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a resource, such as labor or capital, holding all other input factors constant, crucial in determining how many resources a firm should hire or use.