Managers Need to Understand the Concept of Derived Demand, Particularly

question 92

True/False

Managers need to understand the concept of derived demand, particularly when they are selling capital equipment and big-ticket industrial services.

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Definitions:

Agricultural Revolution

Refers to significant changes in agricultural practices that resulted in increased crop production, historically marked by innovations like crop rotation, the plow, and the selective breeding of livestock.

Technological Advances

Progressive developments and innovations in technology that enhance efficiency, capabilities, and various aspects of life.

Ranching

The business of raising livestock, such as cattle or sheep, on large tracts of land.

Mining

The process or industry of extracting minerals, coal, or other geological materials from the earth, typically from an ore body, lode, vein, seam, or reef.