The Five Major Categories of Variables Known as External Forces

question 31

True/False

The five major categories of variables known as external forces are: 1) economic forces, 2) social, cultural, demographic, and natural environment forces, 3) political, governmental, and legal forces, 4) technological forces, and 5) competitive forces.

Understand the rationales behind imposing and removing price controls.

Evaluate the impact of supply and demand changes under different price controls.

Analyze the historical context and effects of specific price controls, such as those on gasoline.

Understand the rationale and effects of rent control policies.

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Definitions:

Installment Sale

A method of sale that allows the buyer to make payments over a period of time, eventually leading to ownership of the product or property.

Personal Watercraft

A recreational water vehicle that one rides on, rather than inside of, such as a jet ski.

Nonconforming Goods

Products delivered to a buyer that do not meet the specifications, quality, or standards agreed upon in a contract.

Reasonable Notice

Advance warning or notice given within a fair timeframe, typically in the context of employment or legal procedures.