Which of the Following Is the First Step in Developing

question 10

Multiple Choice

Which of the following is the first step in developing a successful export strategy?

• A)Initiate meetings
• B)Commit resources
• C)Identify a potential market
• D)Match needs to abilities

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Definitions:

Factor Of Production

An economic term describing the inputs used in the production of goods or services to earn an income, namely labor, capital, land, and entrepreneurship.

Marginal Productivity Theory

A theory stating that the demand for a factor of production is derived from the marginal product that the factor adds to the output.

Equilibrium Value

The price and quantity at which supply and demand in a market are balanced.

Marginal Product

The increase in output that results from employing one more unit of a particular input, holding all other inputs constant.