In Recession, Companies Should Focus on Price Reductions and Discounts

question 146

True/False

In recession, companies should focus on price reductions and discounts to maintain and attract customers.

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Definitions:

Service Sector

A segment of the economy that involves providing services rather than producing goods, including sectors like retail, education, healthcare, and financial services.

Productivity

The measure of how efficiently resources, such as labor and capital, are used to produce goods and services.

Knowledge Society

A society in which much of the labour force has migrated from manual work to work based on knowledge.

Manual Work

Physical or labor-intensive tasks performed by humans, not machines or automation.