An Example of an Economic Model Is

question 136

Multiple Choice

An example of an economic model is

• A)a predicted change in the price of a stock.
• B)the rate of teenage unemployment.
• C)an explanation of crime rates based on unemployment rates and prison sentences.
• D)a forecast of next year's unemployment and inflation rates.

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Definitions:

Good

An item or product that is produced or manufactured to fulfill wants or needs.

Service

An intangible act or use benefit provided by one party to another that does not result in ownership of anything.

Position

The place a brand or product occupies in the consumers' minds relative to competitors, often based on attributes, benefits, perceptions, or reputation.

Market Penetration

A measure of the extent to which a product or service is recognized and bought by customers in a particular market.