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Successful companies devote time and resources to value chain management, using CRM, TQM, and other techniques to improve goods and services. Describe the primary motivation for this investment and distinguish which general product attributes or qualities these techniques strive to achieve.
Labor Supply Curve
A graphical representation showing the relationship between the number of hours workers are willing to work and the wage rate, typically illustrating that as wages increase, workers will supply more labor hours.
Preferences and Social Norms
The combination of individual desires and the influence of societal expectations on consumer behavior.
Factor of Production
An input used in the production of goods or services, such as labor, capital, land, or entrepreneurship.
Input
Resources such as labor, materials, and capital used in the production of goods and services.
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