Name and Briefly Describe the Five Situational Influences That Affect

question 59

Essay

Name and briefly describe the five situational influences that affect the purchase decision processes.

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Definitions:

Free Trade

Trade that is unregulated by government tariffs or other artificial barriers; the levels of exports and imports occur naturally, as a result of supply and demand.

Consumer Surplus

The variance between the amount consumers are ready to pay for a good or service compared to the actual price they pay.

International Trade

the exchange of goods and services across international borders or territories.

Autarky

An economic system where a region or country is self-sufficient and does not engage in international trade.