BMW Allows Customers to Design Their Own Vehicle from a Set

question 107

Essay

BMW allows customers to design their own vehicle from a set of options at BMW's Web site.What is this called?

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Definitions:

Classical Macroeconomic Theory

Classical macroeconomic theory is an economic framework that emphasizes the importance of free markets, suggesting economies are self-regulating systems that automatically adjust to achieve full employment.

Aggregate Supply

The total supply of goods and services available to a particular market from producers at different price levels in a given period.

Aggregate Demand

The total requisition of goods and services in an economic setting, valued at a consistent price level and for a particular duration.

Full-Employment Equilibrium

A scenario where all accessible labor resources are utilized in the most economically effective manner.