What Are the Advantages and Disadvantages of Custom Software and of Canned

question 23

Essay

What are the advantages and disadvantages of custom software and of canned software for meeting application software needs?

Evaluate the impact of trade barriers and their removal on industries and economies.

Identify the benefits and criticisms of foreign direct investment and international investment.

Assess the role of major global institutions and policies in shaping international economic relationships.

Understand the role and implications of various international agreements and organizations on global trade and labor standards.

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Definitions:

Budget Line

A graphical representation of all possible combinations of two goods that a consumer can purchase with a given income and prices of the goods.

Money Income

This term describes the total earnings received by an individual or household, including wages, salaries, and other forms of monetary income.

Substitution Effect

A phenomenon where consumers replace a more expensive item with a cheaper alternative when the price rises.

Product Quality

The attributes and characteristics of a product that determine its ability to satisfy customer needs and demands.