Economists Build Economic Models by

question 182

Multiple Choice

Economists build economic models by

• A)generating data.
• B)conducting controlled experiments in a lab.
• C)making assumptions.
• D)reviewing statistical forecasts.

---

Definitions:

Product Life Cycle

The stages a product goes through from its introduction into the market, through its growth and maturity, until its decline and eventual retirement.

Profitability

The ability of a business to earn a profit, measured by the extent to which revenues exceed costs and expenses.

Market Share

The percentage of an industry's sales that a particular company controls, indicating the company's size and competitiveness within the market.

Cloudsourcing

The process of outsourcing various tasks or services to cloud-based services, as opposed to traditional in-house or physical resources.