List the Four Tools That Managers Can Use to Guide

question 33

Essay

List the four tools that managers can use to guide their design of the service process.

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Definitions:

Tax

Mandatory financial charges imposed by a government on individuals and organizations to fund public expenditures.

Market Price

The current price at which a good or service can be bought or sold, determined by the balance of supply and demand in the market.

Consumer Surplus

The differential in the total price consumers are interested and capable of paying for a product or service and the actual price paid.

Producer Surplus

The gap between the price sellers are ready to accept for a good and the actual price obtained.