Do You Think While Making Decisions About Production Location, a Firm

question 43

Essay

Do you think while making decisions about production location, a firm must take into consideration the price of its product compared to the product's weight and volume? Give reasons to support your answer.

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Definitions:

Bystander Apathy

The phenomenon where individuals are less likely to offer help to a victim when other people are present, often attributed to the diffusion of responsibility.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Agricultural Societies

Communities whose economy and way of life are primarily based on agriculture and farming practices.

Technological Innovations

Novel inventions and improvements in technology that significantly change how tasks are accomplished or lead to the creation of new products.