Define Value Chain and Explain the Difference Between a Firm

question 2

Essay

Define value chain and explain the difference between a firm value chain, an industry value chain, and a value web.

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Definitions:

Naturalistic Fallacy

The (mistaken) idea that anything “natural” must be “good.”

Evolutionary Fallacy

The erroneous argument or assumption that every current trait or behavior of a species can be fully explained by its evolutionary utility or adaptation.

Traits Evolved

Traits Evolved refers to the adaptation and changes in the heritable characteristics of a species over generations through the process of natural selection.

Inheritance

The method through which genetic data is transmitted from parents to their children.