Discuss How Social Media Can Create a Competitive Advantage

question 43

Essay

Discuss how social media can create a competitive advantage.

Understand the concept and measurement of consumer surplus.

Recognize the impact of market changes (supply and demand) on consumer surplus.

Grasp the difference between consumer and producer surplus.

Understand the concepts of willingness to pay, actual payment, and calculation of surplus.

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Definitions:

Disciplinary Cases

Instances requiring formal action when employees fail to adhere to organizational policies, highlighting the mechanisms in place for upholding standards.

Sense of Justice

An innate or acquired perception that guides individuals in discerning right from wrong and fairness in various situations.

Positive Discipline

An approach to teaching and nurturing that focuses on encouraging good behavior in children through positive reinforcement rather than punishment.

Non-Punitive Discipline

A disciplinary approach that focuses on instructive or corrective actions rather than punishment to address employee issues, emphasizing learning and future improvement.