Please Define the Following Key Terms

question 17

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Commonwealth of Independent States

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Definitions:

Customer Relations

Customer Relations involve the strategies and techniques that businesses use to maintain and enhance interactions and relationships with their customers.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits one could have received by taking a different action.

Household Production

Economic activities and tasks performed within the home, such as cooking and cleaning, contributing to the family's welfare but not counted in formal GDP.

Sunk Cost

Expenses already paid that cannot be retrieved and should not affect upcoming business choices.