Examlex
Firms often perform scenario analyses in conjunction with finalizing business plans. Explain the concept and the role it plays in addressing risk in planning.
Elastic
Describes a situation in economics where the demand or supply for a product changes significantly when its price changes.
Inelastic
Refers to a market for a product or service that is price insensitive; that is, relatively small changes in price will not generate large changes in the quantity demanded.
Products
Items or services offered by a business to customers, which can include physical goods, services, and digital products.
Perceptions of Value
How consumers view the worth of a product or service based on its perceived benefits versus the cost, which influences their purchasing decisions.
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