Explain a Value Proposition

question 70

Essay

Explain a value proposition. Relate this to a customer benefits package of goods and services.

Define the terms population, sample, and representative sample in the context of research.

Identify factors that contribute to the placebo effect.

Recognize the importance of drawing a representative sample for generalizability of research findings.

Understand the concept of sampling bias and its impact on research conclusions.

---

Definitions:

Domestic Quantity Demanded

The total amount of a good or service that consumers in a particular country want to buy at given prices.

Tariff

A tax imposed on imported goods and services, intended to increase the cost of imported items and protect domestic industries from foreign competition.

Price

The fund requirement for the acquisition of a good or service.

Free Trade

Global trade allowed to proceed without any tariffs, quotas, or limitations, following its natural flow.