Searching for Information About Members of the Millennial Generation -

question 3

Multiple Choice

Searching for information about members of the Millennial Generation - people born between 1978 and 1994 - is an example of:

• A) model building.
• B) data mining.
• C) trend analysis.
• D) environmental scanning.

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Definitions:

Factors Of Production

The resources used to produce goods and services. Labor and capital are examples of factors.

Increasing Opportunity Cost

Increasing opportunity cost implies that producing more of one good requires giving up an increasing amount of production of another good, reflecting resource specialization.

Consumer Goods

Products and services that are purchased for personal use or consumption.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a particular way.