The Global Economy Has Intensified Rivalry by Increasing Product and Vendor

question 55

True/False

The global economy has intensified rivalry by increasing product and vendor choices and by accelerating the flow of information about price, product, availability, and service.

---

Definitions:

Income

Earnings from work or investments, often measured in terms of money received over a period of time.

Utility Function

A mathematical representation of how different quantities of goods or services generate levels of happiness or satisfaction to the consumer.

Consumption

This term implies the act of using up resources or services to satisfy human wants, often measured to assess the economic activity within a country.

Grocery Store

A retail store that primarily sells food, both fresh and packaged, as well as various household goods.