Recently You Overheard a Fellow Services Marketing Student Comment,"Why Do

question 22

Essay

Recently you overheard a fellow services marketing student comment,"Why do I need to learn a foreign language? English is the business language of the world." What is your reaction to this comment?

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Definitions:

Productivity

A measure of the efficiency of production, often quantified as the ratio of outputs to inputs in a given time period.

Production Possibilities

A graph or curve depicting the maximum output combinations of two goods that can be produced with available resources and technology.

Circular-Flow Diagram

A diagram that represents the transactions in an economy by two kinds of flows around a circle: flows of physical things such as goods or labor in one direction and flows of money to pay for these physical things in the opposite direction.

Output

In economics, output refers to the total amount of goods or services produced by a firm or country.