Examlex
__________ is the first step in the managerial decision making process.
Competitive Market Pressures
Forces within a free market that influence companies to improve products, lower prices, and become more efficient to stay competitive.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they are available to all members of society and one person's use does not diminish another's.
Private Goods
Products and services that are excludable and rivalrous, meaning only paying customers can consume them, and one person's consumption prevents another's.
Government Failures
occur when government action results in outcomes that fail to achieve desired welfare improvements or when the intervention leads to an inefficient allocation of resources.
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