Banks Can Lower the Cost of Information Production by Applying

question 107

Multiple Choice

Banks can lower the cost of information production by applying one information resource to many different services. This process is called

• A)economies of scale.
• B)asset transformation.
• C)economies of scope.
• D)asymmetric information.

Recognize the types of consumer products and their buying behaviors.

Distinguish between different elements of a product mix.

Understand the concepts of product development and commercialization.

Identify the factors influencing product strategy, including benefits and symbolic attributes.

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Definitions:

Automobile Business

Industry involved in the design, development, manufacturing, marketing, and selling of motor vehicles.

Big Data

Huge amounts of data that, when analytically processed, can disclose patterns, trends, and connections mostly related to how humans behave and interact.

Volume

Refers to the amount of space that a substance or object occupies, or that is enclosed within a container.

Velocity

The speed of something in a given direction, often used in physics to describe the rate of change of position.