Competitive Intelligence Is Information Collected from Multiple Sources Such as Suppliers,customers,competitors,partners

question 45

True/False

Competitive intelligence is information collected from multiple sources such as suppliers,customers,competitors,partners and industries that analyses patterns,trends and relationships for strategic decision making.

Explain the impact of technology, like ATMs, on resource demand and employment.

Understand the concept of least-costly and profit-maximizing combinations of resources and their impact on profits.

Recognize how elasticity of resource demand is measured and the factors that affect it.

Differentiate between derived demands for labor and other types of resource demands.

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Definitions:

Total Revenue Product

The total revenue generated from the sale of goods or services produced from a specific input or resource.

Wage Rate

The amount of money paid to a worker per unit of time, usually expressed per hour or year.

Wage Rate

The amount of money paid to an employee per unit of time worked, often expressed on an hourly basis.

Marginal Physical Product

The additional output that is produced by adding one more unit of a specific input, keeping all other inputs constant.