Information Technology Refers to

question 126

Multiple Choice

Information technology refers to

• A) any information derived from a nonpersonal source.
• B) all of the computing resources that collect, store, and analyze data.
• C) any hardware used in collecting information to be used in market research such as scanners, telephones, voting machines, etc.
• D) any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.
• E) the inventions or innovations from applied science or engineering research.

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Definitions:

Competition-Based Concept

A pricing strategy that sets prices based on what competitors charge for similar products or services.

Economic Theory Approach

A perspective or method that applies economic theories and principles to analyze and solve various problems or to understand behavior.

Price Skimming

Price skimming involves setting a relatively high price for a new product or service at the beginning, then lowering the price over time.

Cost-Plus Approach

A pricing strategy where the selling price of a product is determined by adding a specific markup to its production cost.