Michael Porter Has Identified Four Key Elements to Explain Why

question 251

Multiple Choice

Michael Porter has identified four key elements to explain why some companies and industries succeed globally while others fail.These four elements are collectively referred as

• A)the balance of trade wheel.
• B)the points of difference effect.
• C)the trade feedback effect.
• D)the international trade pyramid.
• E)the diamond of national competitive advantage.

Differentiate between various career development theories and their emphases.

Communicate the significance of self-concept in career development.

Assess the impact of limited knowledge and a truncated search in the career selection process.

Evaluate the goals and criticisms of Gottfredson's theory in career counseling.

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Definitions:

Behavioral Economics

A field of economics that studies how psychological, social, cognitive, and emotional factors affect the economic decisions of individuals and institutions.

System 1

Refers to our mental system primarily responsible for quick, instinctual, and often subconscious decisions and judgments, contrasting with deliberate and analytical thinking processes.

System 2

refers to a theory of decision-making proposed by Daniel Kahneman that emphasizes slow, deliberate, and analytical reasoning.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person's mind, affecting the perception of the frequency or likelihood of events.