An Economic Model Is

question 43

Multiple Choice

An economic model is:

• A)a value judgment.
• B)a fact.
• C)built using theory.
• D)built on correlations.

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Definitions:

Place Utility

The value added to products or services by making them more accessible or available to potential users or consumers.

Individual Strategies

Personal plans or methods developed by individuals to achieve specific goals or solve problems.

Unmet Customer Need

A market opportunity that arises from a gap between the current supply of a product or service and its demand.

Target Market

A specific group of potential customers at whom a company aims its products or services.