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A skeptical manager asks what long-range forecasts can be used for. Give her three possible uses/purposes.
Intellectual Property
Legal rights that result from intellectual activity in the industrial, scientific, literary, and artistic fields.
Royalties
Payments made by one party to another for the right to use intellectual property, such as music, books, or patents, on an ongoing basis.
Creative Destruction
Creative destruction is an economic concept describing the process by which new innovations lead to the demise of older technologies or businesses, thereby fostering growth and economic progress.
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain in excess of the opportunity costs.
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