In the United States, the Aim of the Economic System

question 185

True/False

In the United States, the aim of the economic system has been to satisfy consumers' needs as they-the consumers-see them.

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Definitions:

Emergent Strategy

A strategy that unfolds in response to unexpected opportunities and challenges, rather than being planned from the start.

Environmental Changes

Alterations in the surrounding conditions including climate change, pollution, and natural habitat destruction that impact ecosystems and human societies.

Porter's Model

A framework created by Michael Porter that analyzes an industry's competitiveness and strategic business position through five forces: competition in the industry, potential of new entrants, power of suppliers, power of customers, and the threat of substitute products.

Business Strategy

A long-term plan of action designed to achieve a particular goal or set of goals or objectives within a company.