All Industrialized Countries Have Become "Service Economies

question 2

Multiple Choice

All industrialized countries have become "service economies." Which factor helps explain this shift?

• A)Trade unionism and failure of the manufacturing sector to grow.
• B)Information age and labor saving innovation in manufacturing.
• C)Non availability of industrial labor with required skills.
• D)Absence of competition in the service sector.

Identify and explain the elements of a SWOT analysis.

Comprehend the steps and components involved in the strategic marketing process.

Recognize various strategies within the marketing mix (product, price, place, promotion).

Understand the purpose and content of a marketing plan and strategy.

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Definitions:

Average Variable Cost

The total variable costs (costs that change with the level of output) divided by the quantity of output produced.

Economic Loss

A situation where total costs exceed total revenues, resulting in a negative profit for a business or economy.

Short Run

A period of time during which at least one of a firm's inputs is fixed, affecting the firm's capacity to adjust to demand changes.

Short Run

The short run is a period in economics where at least one factor of production is fixed, limiting the adjustments a firm can make to its inputs.