Erin Hill Is Working on the Box in the Barringer/Ireland

question 12

Multiple Choice

Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ________ scope portion of the business model template.

• A) offering/market
• B) offering/industry
• C) business/market
• D) business/industry
• E) product/market

---

Definitions:

Opportunity Costs

The penalty of overlooking the next most advantageous option when a choice is made.

Efficient

Achieving maximum productivity with minimum wasted effort or expense.

Production Possibility Frontier

A graphical representation showing the maximum combination of goods and services that can be produced using all available resources efficiently.

Full Employment

A situation where all available labor resources are being used in the most economically efficient way.