Examlex
In the circular flow diagram, when Daphne purchases a new mobile phone, she participates in the markets for
Impulse Purchases
Unplanned buying decisions made by consumers on the spot, often triggered by emotions or the strategic placement of products.
Minimum of Effort
A principle suggesting that individuals, systems, or organizations naturally tend to select the path or decision that requires the least amount of work or effort.
Specific Effort
Specific effort refers to the targeted exertion or dedicated work directed towards accomplishing a particular task or achieving a specific goal.
Shopping Effort
The amount of time and energy consumers are willing to spend in the process of searching for, selecting, and purchasing products or services.
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