The Three Key Elements of the Formulation of Strategy Are

question 41

Short Answer

The three key elements of the formulation of strategy are vision, strategy, and_____________

Recognize the impact of government policies and regulations on the economy.

Understand the role and influence of economists and economic advisory bodies in government policy.

Identify the types of graphs used in economics and understand their applications.

Acknowledge the reasons for disagreement among economists and the diversity of economic thought.

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Definitions:

Disposable Income

Funds at households' discretion for savings and spending pursuits after the deduction of income taxes.

Autonomous Consumption

The minimum level of consumption that would still occur even if a consumer had no income, based on basic needs and obligations.

MPS

Marginal Propensity to Save, which is the fraction of an increase in income that is not spent on an increase in consumption.

Disposable Income

Funds that households can direct towards their saving and spending ambitions after income taxes are accounted for.