The Theory That Explains the Shift of Color TV Sets

question 3

Multiple Choice

The theory that explains the shift of color TV sets production from the United States to Japan and Taiwan is called the _____ theory.

• A)productivity difference
• B)factor abundance
• C)product life cycle
• D)preference
• E)human skills

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Definitions:

Promissory Estoppel

An equitable doctrine that prevents a party from going back on a promise even if a legal contract does not exist, provided that the promisee has relied on that promise to their detriment.

UCC

Stands for Uniform Commercial Code, which is a comprehensive set of laws governing all commercial transactions in the United States.

Missing Contract Terms

Refers to conditions or clauses that are not explicitly stated in a contract, potentially leading to disputes or the need for judicial interpretation.

Fundamental Policy

Core principles or philosophies that guide the decision-making process within an organization or government.