The Ultimate Purpose of Building an Economic Model Is to

question 126

Multiple Choice

The ultimate purpose of building an economic model is to

• A) challenge college students
• B) constrain economic agents
• C) predict behavior
• D) change behavior
• E) prevent behavior

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Definitions:

Demographic Variables

Characteristics of populations used in market research, such as age, gender, income, and education, to segment markets.

Global

Pertaining to or involving the entire world; often used in the context of businesses that operate internationally.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

Customer Relationship Management

A strategic approach to managing a company’s interactions with current and potential customers, typically involving the use of technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.