The First Economist to Point Out the Importance of Specialization

question 161

Multiple Choice

The first economist to point out the importance of specialization of labor was

• A)Leonardo da Vinci.
• B)Adam Smith.
• C)David Ricardo.
• D)John Maynard Keynes.
• E)Enrico Caruso.

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Definitions:

Four Ps

Stands for Product, Price, Place, and Promotion, which are the core elements involved in marketing a product or service.

Marketing Mix

A blend of marketing variables, typically known as the 4Ps (Product, Price, Place, Promotion), used by businesses to achieve their marketing objectives and satisfy customer needs.

Advertisement

A paid message communicated through various media aimed at informing or persuading a target audience about a product, service, or idea.

Promotion

A marketing strategy involving the publicization of a product, brand, or event to increase sales, awareness, or engagement.