New Industries Are Born When Technological Change Produces A/an ____

question 5

Multiple Choice

New industries are born when technological change produces a/an ____ opportunity that an enterprising entrepreneur seizes.

• A)investment
• B)novel
• C)crucial
• D)successful
• E)efficient

Comprehend depth and breadth of product lines within a retail context and distinguish between them.

Recognize different retail formats and store types based on their service level and product assortment.

Identify examples of retailers that offer a full range of services and understand what constitutes full service.

Describe the concept of scrambled merchandising and intertype competition.

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Definitions:

Production Efficiency

A situation where the economy is utilizing all of its resources efficiently, producing what people want at the lowest possible cost.

Production Possibility Frontier

Describes the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.

Unemployment Rate

The percentage of the labor force that is jobless and actively looking for employment.

Ppf

Production Possibility Frontier, a curve depicting all maximum output possibilities for two or more goods given a set of inputs.