List and Explain the Four Principles of Effective Design

question 57

Essay

List and explain the four principles of effective design.

---

Definitions:

Product

Anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.

Total Revenues

The total income generated from the sale of goods or services before any costs are subtracted.

Total Revenue

Total Revenue is the entire amount of money earned by a firm from the sale of its goods or services before any costs or expenses are deducted.

Purely Competitive Firm

A business that operates in a market where there are many sellers and buyers, the product is homogeneous, and there is free entry and exit from the market.