The Four Building Blocks of a Competitive Advantage Are

question 67

Multiple Choice

The four building blocks of a competitive advantage are:

• A)Efficiency, effectiveness, quality, customer responsiveness
• B)Effectiveness, quality, customer responsiveness, innovation
• C)Efficiency, quality, customer responsiveness, innovation
• D)High performance, quality, efficiency, innovation
• E)Effectiveness, customer responsiveness, innovation, efficiency

Differentiate between nominal and real GDP and understand the effects of inflation.

Identify the sources of GDP from the perspective of expenditure and income approaches.

Understand the distinction between microeconomics and macroeconomics contexts.

Appreciate the limitations of GDP as a measure of economic well-being and quality of life.

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Definitions:

Reasoning

The mental process of generating conclusions, judgments, or inferences based on premises or evidence.

Plausible

Appearing reasonable or probable; believable or credible.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.

Syllogisms

A form of logical reasoning where a conclusion is drawn from two given or assumed propositions (premises); each premise shares a common or middle term not present in the conclusion.