Examlex
According to Michael Porter's diamond model,which of the following factors includes the nature of domestic requirement and the sophistication of domestic customers for an industry's product or service?
Elasticity
An economic measure of the responsiveness of the quantity demanded or supplied of a good or service to changes in its price or consumer income.
Unit Wages
The cost of labor per unit of output, measuring how much is paid in wages for the production of one unit of a good or service.
Employed Workers
Individuals actively engaged in a job or business who are receiving compensation for their labor.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good.
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