To Build Relationships, Firms Focus on the Lifetime ________ of the Relationship

question 24

Multiple Choice

To build relationships, firms focus on the lifetime ________ of the relationship, not how much money is made during each transaction.

• A)cost
• B)profitability
• C)investment
• D)expense
• E)worth

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Definitions:

Satisfy Unlimited Wants

The economic principle that refers to the constant desire for goods and services exceeding the limited resources available to fulfill those desires.

Human Skills

The capabilities and expertise individuals possess that enable them to perform tasks, solve problems, and produce goods or offer services.

Capital

The buildings, equipment, and human skills used to produce goods and services.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.