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Economics essay

Preserve this record in your study course folder, and name it with Assignment, the section number, and your initially initial and last name. For example , Jessie Robinson’s assignment intended for Section you would be known as JRobinson.

Type the answers to the task questions beneath. Use finish sentences except if the question says otherwise. You may have more than one time to complete an task. At the end of each day, make sure you save your progress.

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Review Lesson 4 of the Course Summary for instructions about turning in your projects.

Task Questions

In Section you, you learned about economic principles. Now, you are going to apply whatever you learned.

1 . Choose a popular company that you know of, and answer the subsequent questions regarding it:

a. Is this mainly a product-based or perhaps service-based business? (1. 0 points) it can be mainly a product or service based organization.

b. What type of good or service is this company best known for? (1. 0 factors it is a food service company so it is known for the food.

c. The actual the company unlike its competition? (1-3 content. 3. 0 points) this company is known intended for there top quality of take out. The food can be prepared much more fresh than any other companies much like this one. This provider also will have more of the range of food to pick from.

g. Why do you think this company became successful? Describe at least one explanation. (1-5 content. 2 . zero points) I do believe this company became successful because it was not the first organization like it and folks like to manage to grab something quickly and go and so fast food is useful.

2 . Choose a different famous company that you understand of, and describe it is direct and indirect rivals. Describe in least two direct competition and a couple of indirect opponents. (1-5 content. 4. zero points) a indirect rival would be for example if somebody opens a store selling Malay rice even though the opposite streets another person is selling similar rice however comes along a person advertising Chinese toast rice. Although the person who is selling the Chinese toast rice and the two various other competitors can advertise Malay rice, the person providing the Oriental fried grain is considered an indirect competition. But for another example a pizza shop in competition wit a fried poultry shop would be indirect since the products won’t be the same but they are even now competing pertaining to sales.

a few. Describe in least a few nonprice competition strategies an organization could use to convince clients that the product is better than other related products. For what reason would those strategies matter to clients? (1-6 phrases. 3. 0 points) It is advisable quality so it will last for a longer time, it has a better warranty in the event that anything goes wrong, it features or appears better than the opposition, the design is upcoming projected. They might matter towards the customers since customers value the quality of what ever product it really is they are perhaps thinking about buying. customers likewise don’t want things that are going to out of date in a given time. And of course the customer is going to choose the product based on how much better they think it really is in general such as appearance from the product.

some. Describe a real or made-up but conceivable example of a product that went through a time of shortage. What was more likely to happen to the buying price of the product when it was hard to find, and why? (1-3 sentences. 3. 0 points) liquor during the prohibition. The price increased. As the penalties intended for breaking the law improved, so performed the demand and price.

5. Describe a product you know of this has supple demand. Why is the demand for this product elastic? Explain. (1-3 sentences. 3. 0 points) a stock within a micro cover company or maybe a gas pharmaceutical drug company. The factors happen to be that the federal government proposing a law that may be in favor of te industry, multimedia, and just frequent speculation.

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