The primary economic issue is scarcity. Because there aren't enough resources to meet everyone's needs, it develops.
Why is lack of resources a significant economic issue?The term "scarcity" alludes to a fundamental economics quandary—the discrepancy between finite resources and hypothetically unbounded wants. In order to meet both basic necessities and as many additional wants as feasible, people must decide how best to distribute resources.
Is scarcity a problem every time?One of the most fundamental economic issues we encounter is scarcity or a lack of resources. Because we are a civilization with boundless demands, we encounter scarcity even when resources are scarce. We must thus make a decision. Trade-offs must be made.
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According to the segment, how are businesses classified?
Businesses are classified as work activities the business perform, according to the segment.
What is business classification?Business activity refers to all economic activities directly or indirectly related to the creation of goods and services in order to meet consumer needs and generate profits through customer satisfaction. Business activities are usually divided into operating activities, investing activities and financing activities. Of all business activities, sales activities tend to play an important role, as they have a direct impact on a company's success.
Business activity means any activity related to the production of goods or the provision of services. Business activities reflect the efficiency of an organization in terms of resource consumption and the number of advanced resources in the production process, represent financial and economic activities, and represent the potential and internal capabilities of an organization. Business activities are classified into broad categories based on their function: industry and trade.
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According to the segment, how are businesses classified?
A) Number of employees
B) Work activities the business perform
C) Age of the company
D) Profit level of the business
suppose that karen, sue, and peter all work 14 hours a day. in an hour, karen can make one widget or 4 thingamajigs. in an hour, sue can make one widget or one thingamajig. in an hour, peter can make 4 widgets or one thingamajig. if they use the most efficient specialization to divide up their time among themselves to together produce the same number of widgets and thingamajigs, how many thingamajigs can they make?
They can make 8 thingamajigs.
Thingamajig is a fairly colloquial term for a thing whose identity you don't know, can't remember, or have forgotten. It is commonly used to refer to devices or components of objects that may not even have a well-known name, as in We must place this contraption here before attaching the bracket.
The Thingamajig was developed in 1994 by Janice Williams, Senior Director of Project Planning at the YMCA of Metro Washington, as a method for a select group of kids to showcase the lessons they had learned during a science and technology class. camp.
Take however many you like. The less common spelling is thingumajig. There are a number of other informal terms that are employed in the same manner.
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Nation Aga can produce either 3 units of good X or 1 unit of good Y with one hour of labor, while nation Kaza can produce either 4 units of good X or 2 units of good Y with one hour of labor.
Assuming that labor is the only input, mutually beneficial exchange can take place between Aga and Kaza if:
a. Aga exchanges unit of good X for 1 unit of good Y
b. Aga exchanges 3 units of good X for 1 unit of good Y
c. Aga exchanges 2 units of good X for 1 unit of goodY
d. Kaza exchanges 1 unit of good Y for 1 unit of good X
e. Kaza exchanges 2 units of good Y for 1 unit of good X
c). Aga exchanges 2 units of good X for 1 unit of good Y.
In a mutually beneficial exchange, both parties must be able to produce more of a good at a lower opportunity cost than the other. Nation Aga can produce either 3 units of good X or 1 unit of good Y with one hour of labor, while nation Kaza can produce either 4 units of good X or 2 units of good Y with one hour of labor.
Nation Aga has an opportunity cost of three units of good X for one unit of good Y, while nation Kaza has an opportunity cost of two units of good X for one unit of good Y. Therefore, to maximize their benefit, nation Aga should exchange two units of good X for one unit of good Y from nation Kaza.
This exchange will enable both nations to produce more of the goods they need at a lower opportunity cost than if they produced the item themselves. This mutually beneficial exchange allows both nations to maximize their productivity and obtain the highest benefit.
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for tax purposes assume only 50% of the deduction for meals is permitted. the warranty expense includes $18,000 of warranty costs paid during the year. grim's enacted income tax rate is 30%. in its year 4 income statement, what amount should grim report as the current portion of its provision for income tax expense?
The current portion of Grim's provision for income tax expense for Year 4 should be $33,000.
Calculate total taxable income by subtracting the 50% meal deduction from total income:
Total taxable income = Total income – (Meal deduction x 0.50)
Calculate the income tax expense by multiplying the taxable income by Grim's enacted income tax rate of 30%:
Income tax expense = Taxable income x Enacted tax rate
Calculate the current portion of the provision for income tax expense by subtracting the warranty expense from the income tax expense:
Current portion of provision for income tax expense = Income tax expense – Warranty expense
Therefore, the current portion of Grim's provision for income tax expense for Year 4 should be $5,400, which is calculated as follows:
Current portion of provision for income tax expense = Income tax expense – Warranty expense
= (Taxable income x Enacted tax rate) – Warranty expense
= [(Total income – (Meal deduction x 0.50)] x 0.30) – $18,000
= $54,000 – (20,000 x 0.50) x 0.30) – $18,000
= $54,000 – $10,000 x 0.30) – $18,000
= $54,000 – $3,000 – $18,000
= $54,000 – $21,000
= $33,000
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Some personal finance experts say people should try to save about 15 percent of their take-home income. True or False?
Answer:
true
Explanation:
Saving money is worth the effort. It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings.
if the new allocation method for facilities costs is implemented, what should be the facilities allocation to the dialysis center in 20 years when the loan, and hence the total cost of the move, has been paid off and there are no longer any actual facilities costs?
The facilities allocation to the dialysis center in 20 years should be zero.
After the loan is paid off and there are no longer any actual facilities costs, the dialysis center should no longer need to be allocated a facilities cost. This is because the new allocation method for facilities costs is based on the actual costs of running the facilities.
Therefore, when there are no longer actual facilities costs, there is no need to allocate any costs to the dialysis center. Moreover, since the cost of the move has already been paid off, the dialysis center does not need to pay any more money for the move.
In summary, when the loan is paid off and there are no longer any actual facilities costs, the dialysis center should not be allocated a facilities cost, and the facilities allocation to the center should be zero.
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Why is it important to know the difference between fixed and variable expenses when you are creating a budget?
Budgeting is important because it helps individuals and businesses track their income and expenses, make sure they are spending within their means, and plan for the future.
Why is it important to know the difference between fixed and variable expenses when you are creating a budget?
Knowing the difference between fixed and variable expenses when creating a budget is important because it allows you to allocate your resources more efficiently. Fixed expenses are expenses that are the same each month and do not change, such as rent or loan payments. Variable expenses are expenses that fluctuate from month to month and can be adjusted, such as groceries or entertainment. By understanding which expenses are fixed and which are variable, you can better plan for them and make sure you can cover all of your necessary expenses.
What does Budget means?
Budget is a plan for the allocation of financial resources over a given period of time. It is a tool used to track income, expenses, and savings, and to ensure that spending does not exceed income. A budget helps to ensure that the money that is available is being used efficiently and effectively to achieve financial goals.
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which of the following issues is related to microeconomics? a. the impact of oil prices on auto production b. the impact of the deficit on saving c. the impact of money on inflation d. the impact of technology on economic growth
Option A is correct option. The impact of oil pricing on auto production is a microeconomic issue because it relates to the effect of oil prices on a single industry in the economy.
Microeconomics is the social science that investigates the consequences of incentives and choices, specifically how they affect resource utilization and distribution. Microeconomics explains why and how illustrate have different preferences, how individuals and companies perform and advantage from efficient exchange and production and how people best co - ordinate and work cooperatively with one another. Microeconomics, in general, offers a more comprehensive and experience and knowledge gained than macroeconomics. Microeconomics can be used in either a positive or negative sense. Positive microeconomics explains economic behaviour and what to expect when certain conditions change. If a car manufacturer raises the price of its vehicles, positive microeconomics predicts that consumers will buy fewer vehicles than before.
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which of the following are related to marketing in the production-oriented era? (choose every correct answer.) multiple select question. manufacturers were concerned with product innovation, not with satisfying the needs of individuals. retail stores were considered places to hold inventory until it was sold. personal selling was used to market products. there was an excess supply of product, and the consumer held all the power.
Option a & b: Manufacturers were concerned with product innovation, not with satisfying the needs of individuals.
Retail stores were considered places to hold inventory until it was sold.
Marketing textbooks usually describe five major eras, or philosophies, of how marketing has evolved.
The first recognized phase is the production era in marketing, based on the assumption that consumers prefer products that are available and affordable.
With this philosophy, broad distribution and cost leadership have been a successful combination of strategies.
Main features:-
Production-oriented companies:
A company that believes mass production makes it more profitable.
High production efficiency:
A company that pursues high production efficiency through standardization and mass production
Low price:
Companies that believe that low prices are far more attractive to customers than product quality.
Mass distribution:
A company that strives to make its products widely available.
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what accounted for the dramatic change in stock prices from 1929 to 1932 ?
The dramatic change in stock prices from 1929 to 1932 was caused by the stock market crash of 1929. The stock market crash was a result of a perfect storm of economic, political, and psychological factors.
Economic factors such as overproduction, high levels of consumer debt, and a lack of consumer spending created a fragile economy. Political factors such as the failure of the U.S. government to intervene in the economic crisis and the implementation of the Smoot-Hawley Tariff Act, which angered trade partners, further weakened the economy.
Psychological factors, such as speculation, greed, and fear, fueled the stock market bubble, and when it burst, it led to a widespread panic. The crash of the stock market and the resulting economic downturn, known as the Great Depression, had a profound impact on the world's economy and society.
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take a look at the accepted price range for each channel. are there any channels that are worth changing your price to enter?
The channel that is worth raising the entry fee is the university.
Price range" sounds obvious, and the majority of us are familiar with its meaning in daily life. However, the phrase also appears in the commercial world outside of eateries, lodgings, and pre-owned vehicles, where it has a more complex connotation. A price range can be defined as the range of values between the lowest and highest price for a good or service at a certain time and location.
The marketing department of a business manages the price range in the context of goods or services.
Price range in business refers to one of three ideas. A product or service's pricing in a free market, a product or service's goal price range prior to release, or the intended price for selling or purchasing in a negotiation where market data is lacking or incorrect are all possible scenarios.
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Economic growth usually can be achieved without investing in new resources
In most cases, achieving economic growth does not require spending money on new resources. As the economy grows, so does the frontier of production possibilities.
How does the lack of resources affect the rate of economic expansion?Prices that are high and unstable can be caused by a lack of resources. Materials-intensive sectors may see disruptive effects on their sourcing procedures as a result of the potential for a significant increase in material demand in the next decades. To better manage and lower sourcing costs, a circular business model can be helpful.
Scarcity and economic growth: what are they?We live in a world of scarcity, which forces us to make decisions between options because there aren't enough resources to meet all of our demands. Despite the ongoing presence of scarcity, economic progress enhances living standards.
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What helps determine the price of goods and services when there is no set price in the marketplace?
Auctions help determine the price of goods and services when there is no set price in the marketplace
A market is a gathering place for consumers and sellers where they can exchange goods and services. Prices for products and services are typically set by the markets based on supply and demand. However, where there is no predetermined price, auctions are frequently used to ascertain the market value of commodities and services.
In an auction, buyers compete with one another by placing greater bids to win the right to buy a good or service. The winning bid is the one that ends the auction with the highest bidder paying the agreed-upon price. This procedure aids in determining the fair market value of the commodities or services up for auction.
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Which country has characteristics of a command economy?
Singapore
United States
Cuba
Canada
true or false: the client must be present for the required face to face meetings with the rbt and the supervising analyst.
The client must attend the required face-to-face meetings with the RBT and the supervising analyst. - False
Media richness, or a medium's capacity to replicate the information transmitted via it, is a sign that it is conveying specific information and fostering learning. Since the recipient picks up on various indicators in the message, face-to-face communication is the richest kind of communication.
While being present at face-to-face meetings with the Registered Behavior Technician (RBT) and the supervising analyst is typically advantageous, it is not always necessary. The particular specifications for in-person sessions may change depending on the situation, including the client's age, developmental stage, and unique needs. In some circumstances, a parent or guardian may be permitted to attend the meeting on the client's behalf.
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how much does it cost to go through the panama canal
The cost to go through Panama Canal is $2,500 for a vessel with a length between 125-200 feet, $5,000 for a vessel with a length between 200-300 feet, $10,000 for a vessel with a length over 300 feet.
The Panama Canal is a man-made waterway that connects the Atlantic and Pacific Oceans, allowing ships to bypass the lengthy and dangerous trip around the southern tip of South America. The canal was built by the United States from 1904 to 1914 and was later transferred to Panama in 1999.
It is considered one of the greatest engineering feats of the 20th century. The canal is approximately 50 miles long and has a system of locks that raise and lower ships to different elevations, allowing them to pass from Atlantic Oceans to Pacific Oceans. In recent years, the Panama Canal Authority has begun a major expansion project to accommodate larger ships.
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setting goals and figuring out how to achieve them describes the function of the management process. multiple choice question. controlling organizing planning leading
Defining objectives and sorting out some way to accomplish them portrays the capability of the administration interaction planning is the capability of the executives that includes setting goals and deciding a strategy for accomplishing those targets.
Planning is the capability of the board that includes setting targets and deciding a strategy for accomplishing those goals.
There are four by and large acknowledged elements of the executives: planning, organizing, leading, and controlling. These capabilities cooperate in the creation, execution, and acknowledgment of authoritative objectives. The four elements of the board can be viewed as an interaction where each capability expands on the past capability.
Hence option (C) is correct.
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which of these is not a reason relationship marketing is good for a business? a. reduces costs b. increases profits c. develops long-term customers who continue to purchase from the company d. improves production efficiency
Customer relationship management (CRM) systems is not a reason relationship marketing is good for a business.
What is relationship marketing, with an example?Relationship marketing describes a variety of tactics and procedures for creating enduring bonds with clients. Relationship marketing strategies include offering complementary products, conducting customer satisfaction surveys, and offering services that are pertinent to the product. Relationship marketing is a kind of marketing that emerged from direct response campaigns that places an emphasis on client pleasure and retention over sales. Satisfaction, loyalty, profitability, and client retention are the four pillars of customer relationship management. transactions.
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How much of gross income should go to savings?
The percentage of gross income that should go to savings depends on an individual's or organization's financial goals and circumstances.
In general, financial experts recommend saving a minimum of 10% to 15% of gross income. This can help individuals and organizations build an emergency fund and make progress towards long-term financial goals, such as saving for retirement or buying a house.
However, some experts recommend saving up to 50% of gross income, especially if you are trying to pay off debt, save for a short-term goal, or are on a tight budget.
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it is important to empower front-line workers because they most often interact with which group of stakeholders?
It is significant to empower front-line workers because they most frequently interact with customers as a group of stakeholders.
Customers are the individuals and enterprises that purchase goods and services from another business. To understand how to rectify and fulfill the necessities of their customers, some businesses closely monitor their customer associations to determine ways to enhance assistance and products. The way businesses delight their customers can put on them a competitive advantage. Although consumers can be customers, consumers are specified as those who consume or utilize market goods and services.
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miller company reports the following assets from the last two years: 2020 2019 current assets: cash and cash equivalents $2,100 $ 1,900 accounts receivable 1,800 1,500 merchandise inventory 1,300 1,000 prepaid expenses 1,400 2,300 total current assets 6,600 6,700 other assets 16,000 14,000 total assets $22,600 $ 20,700 using horizontal analysis, what is the percentage of increase in cash and equivalents?
The percentage of increase in cash and equivalents from 2019 to 2020 is 10.53% using the formula % Change = (Current Year - Previous Year) / Previous Year.
Horizontal analysis is a method of financial statement analysis that compares financial data over a period of time, usually two or more years.
To use this method, we need to compare the data from the two years and calculate the percentage change between them.
In this case, we are looking at the percentage of increase in cash and equivalents from 2019 to 2020. To calculate this, we need to use the following formula:
% Change = (Current Year - Previous Year) / Previous Year
Using this formula, we can calculate the percentage of increase in cash and equivalents as follows:
% Change = (2,100 - 1,900) / 1,900 = 10.53%
This means that cash and equivalents increased by 10.53% from 2019 to 2020.
It's important to note that horizontal analysis helps in identifying trends and patterns in financial data, but it's not enough to determine the financial health of a company.
It should be used in conjunction with other methods of financial analysis, such as vertical analysis or ratio analysis.
In conclusion, the percentage of increase in cash and equivalents from 2019 to 2020 is 10.53%.
Horizontal analysis is a useful tool for identifying trends and patterns in financial data but should be used in conjunction with other methods of financial analysis to understand the financial health of a company.
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The monetary value of all goods and services produced in a country in a year is called?
The monetary value of all goods and services produced in a country in a year is called Gross Domestic Product (GDP).
Gross Domestic Product (GDP) tends to measures the monetary value of the final goods and services, which is, those that are bought by the final user and then they are said to be produced in a country in a given period of time.
However, it tends to count all of the output which is generated within the borders of a country. So, the monetary value of a product or service is said to be the amount of money or currency which is paid to obtain it. Thus, there are many of the products or services which we use every day hold value from a financial perspective.
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you've completed the setup of a quickbooks company file, but during the company setup, you spelled the company's name wrong. how do you fix it now?
In this case- Select Company: My Company from the menu and click the pencil icon.
Go to the company cog in the top right corner of the screen and click "Account and Settings" under "Your Company" to alter the legal name or company name in QuickBooks Online. This will open a brand-new window. In order to edit and modify the information, select the "Company name" section.
Click Company, followed by My Company. Choose Edit, followed by Legal information. Type in the new legal company name and address, then hit OK.
This is a major issue because it confuses consumers and frequently results in a federal court lawsuit for trademark infringement. When a competitor's trademark is used and it is likely that consumers will mistake it for your own, that is trademark infringement.
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according to walt w. rostow, during which of the following stages of economic development do people start to look toward the future, to save and invest money, and to discard traditional values? group of answer choices the technological maturity stage the traditional stage the high mass consumption stage the take-off stage
According to Walt w. Rostow, during d) the take-off stage of economic development people start to look toward the future, to save and invest money, and to discard traditional values.
In the take-off stage of economic development, as outlined by Walt W. Rostow, people begin to shift their focus from the present to the future.
People start to save and invest money, rather than simply spending it, and traditional values start to be questioned and discarded in favor of a more forward-thinking approach.
This transition marks a significant change in how people view their financial future, and the potential for growth and development.
During this stage, people begin to shift their focus from the present to the future, taking steps to save and invest money in order to secure their future. As a result, traditional values and habits can be discarded in favor of more modern practices.
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what does the term strengths refer to in swot analysis? multiple choice question. the positive aspects of the external environment the negative attributes of a firm the positive internal attributes of a firm the negative aspects of the external environment
The optimal fit between external trends (opportunities and threats) and internal capabilities can be discovered through a SWOT analysis. A resource or capacity that the organisation can employ well to accomplish its goals is considered a strength.
What is SWOT analysis?SWOT analysis is a technique for identifying and analysing internal strengths and weaknesses as well as external opportunities and threats that have an impact on current and future operations and aid in the formulation of strategic goals. SWOT evaluations aren't just for businesses. Using a SWOT analysis, a person or organisation can determine their strengths, weaknesses, opportunities, and threats in relation to project planning or competitive business environments. Situational analysis or situational evaluation are other names for it.
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decision analysis is an analytic and systematic way to approach business problems
Making strategic business decisions can be done through the methodical, quantitative, and visual use of decision analysis. In addition to utilizing a range of methods, decision analysis also combines elements of psychology, management strategies, and economics.
What does a decision analysis strategy entail?Making the best decisions in the face of ambiguity is done through the systematic process of decision analysis. In addition to other relevant inputs, it enables users to enter costs, probabilities, and health-related quality of life values. The probabilistically weighted means of these outcome measures are then calculated.
What methodological and analytical methodology is used to research decision-making?evaluation of options. a methodical and analytical approach to the research on decision-making. good choice. based on logic, takes into account all viable options, analyses all future-related data, and employs decision modeling methodology.
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the managerial function of involves monitoring performance, comparing it to goals, and taking corrective action when needed. multiple choice question. planning organizing controlling leading\
The managerial function that involves monitoring performance, comparing it to goals, and taking corrective action when needed is "Controlling."
What are the 4 fundamental functions of management?The four basic functions of management are:
Planning: This function involves setting goals and objectives for the organization and developing strategies for achieving them. It includes determining what needs to be done, when it should be done, and how it will be done.
Organizing: This function involves arranging and coordinating resources, such as people, equipment, and materials, in order to accomplish the organization's goals and objectives. It includes deciding who will do what, when and where, and with what resources.
Leading: This function involves motivating and directing people to work towards the accomplishment of the organization's goals and objectives. It includes communicating with employees, building relationships, and creating a positive work environment.
Controlling: This function involves monitoring performance, comparing it to goals, and taking corrective action when necessary. It includes setting performance standards, measuring actual performance, and making adjustments as needed to ensure that the organization's objectives are met.
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Should savings be based on gross or net income?
Savings can be based on either gross or net income, depending on the specific goals and objectives of the individual or organization.
Gross income refers to the total revenue earned before any deductions, such as taxes or expenses, are made. If savings are based on gross income, it means that a certain percentage or dollar amount of the total revenue will be set aside as savings.
Net income, on the other hand, refers to the total revenue earned after all deductions, such as taxes and expenses, have been made. If savings are based on net income, it means that a certain percentage or dollar amount of the remaining income will be set aside as savings.
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if an increase of an equal percentage in all factors of production increases output of the same percentage, then a production function has the property called:
if an increase of an equal percentage in factors of production increases output of the same percentage, then a production function has property called constant returns to scale.
A production function's attribute known as constant returns to scale (CRS) describes how inputs also known as factors of production and outputs are related to one another. When a production function displays CRS, all inputs must increase by the same percentage in order to produce an increase in output of the same proportion.
In other words, a company's output will double if all of its inputs are doubled. Its output will also triple if its inputs are increased thrice. Constant returns to scale refer to the fact that this connection is true regardless of the production scale. Therefore, a production function has the property known as constant returns to scale if an increase of an equivalent proportion in components of production increases output by an equal percentage.
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jason's department is responsible for the business activities designed to plan, price, promote, and direct the flow of his company's small appliance products to consumers in various nations around the world for a profit. what is his department in charge of group of answer choices international marketing importing domestic trade internal marketing
Option a: International Marketing. Jason's department in charge of International Marketing.
International marketing refers to all marketing activities carried out across national borders.
International marketing types include exports, licensing, franchising, joint ventures and foreign direct investment.
Global marketing aims to meet the needs of customers around the world.
International marketing enables efficient utilization of production surpluses.
International marketing helps create bigger and better opportunities for business expansion. In addition to our broad customer base, our global marketing also protects us from a possible economic downturn.
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