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If the VRIO framework is meant to help managers make decisions how best to use the firm's strengths and weaknesses when developing strategy, what are the three implications the text stresses that managers must keep in mind?
Income
The total earnings obtained by an individual or entity from various sources, including work, investments, and transfers, over a specific period.
Budget Line
A visual schematic of all possible pairings of two items that are purchasable with a predetermined budget at stable prices.
Utility Function
A mathematical representation of how individual preferences can be quantified in terms of utility, reflecting satisfaction or happiness from consuming goods or services.
Utility Function
A concept in economics that defines how individuals or entities decide among various alternatives based on the perceived happiness or satisfaction each option will provide.
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