Explain the Needs Hierarchy Model and Provide an Example of How

question 126

Essay

Explain the needs hierarchy model and provide an example of how it might be applied differently by a manager in the United States than it would be by a manager working in an European (or other global)culture.

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Definitions:

Short-Run Supply Curve

A graphical representation showing the relationship between the market price of a product and the amount of it that producers are willing to supply in the short term.

Marginal Cost Curve

A graph showing how the cost of producing one more unit of a good varies as the quantity of production increases.

Short Run

in economics, refers to a period during which at least one factor of production is fixed, and firms can adjust only the variable factors.

TVC

Total Variable Cost, which refers to all variable expenses that change with the level of output.