Why Do Industrial Products or Services Generally Require Less Modification

question 62

Essay

Why do industrial products or services generally require less modification for international sales than do consumer products?

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Definitions:

Free Enterprise

An economic system based on private ownership and the freedom of individuals to start and manage their own businesses.

Laissez-Faire Economy

An economic system in which transactions between private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.

Coordinating Mechanism

A system or process used to organize and harmonize different activities or parties so that they work together efficiently towards a common goal.

Laissez-Faire Economies

Economic systems in which transactions between private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.