ECON111 Page 115 1. Define the price elasticity of demand and the income elasticity of demand Price elasticity of demand is a measure of how much quantity demanded of a good responds to a change in the price of that good. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. Income elasticity of demand is a measure of how much quantity demanded of a good responds to a change in consumer’s income. It is calculated as the
Premium Supply and demand Price elasticity of demand
BUSINESS ENVIRONMENT (PART-1) COMPONENTS OF BUSINESS ENVIRONMENT 1. INTRODUCTION Hello! Students‚ welcome to series on business environment. The topic of this lecture is Components of Business Environment. The objectives of this lecture are to make you understand the meaning of business environment‚ relationship between business and business environment‚ characteristics of business environment and to study the various components of the business environment. In the last lecture we studied
Premium Economics Business Environment
Content Introduction Introduction of economy in Malaysia‚ Malaysia is one of democratic country that has many race‚ religion and nationality. Economy in Malaysia also open-stated oriented and growing relatively also new in industry market. In Malaysia‚ we practice mixed economy for our country. There have 3 factors that responsible with economy in Malaysia: Definition of Mixed Economy Mixed economy means that part of economy is left to the free market and the other part is run by the government
Premium Tax Capitalism Mixed economy
3.1 Explain how products are developed to sustain competitive advantage 3.1.1 Packaging Elements | Competitive advantages | Physical Protection28 gram package‚ reduction of 8gr per bottle | Reduce price per bottle‚ make more attractiveness for the product. | DistributionDirect to retailers | More convenient for customers. | SellingProvide ingredient in each bottle such as: Number of calories‚ % of carbohydrate‚ vitamins‚ and minerals. | Customer understands about Gatorade ingredients
Premium Marketing Pricing Customer service
1. _____ is the marketing of goods and services to individuals and organizations for purposes other than personal consumption. |a. |Secondary marketing | |b. |Interactive marketing | |c. |Business marketing
Premium Marketing Business
Recently‚ a friend showed me the results of a survey of employees around the world. When it comes to what motivate staff to give their best at work‚ the following Top 10 motivating factors were identified: Appreciation or recognition for a job well done Being in the know about company matters An understanding attitude from the management Job security Good wages Interesting work Career advancement opportunities Loyalty from management Good working conditions
Premium Employment
1. Explain the advantages of Socialist Economy? In socialist economic system means of production are owned and managed by the State. Ownership of means of production is not allowed. In socialism economic activities are carried on mainly for social gains and personal interest is of less significance. In this economic system the anti social activities like smuggling and hoarding find no place. Economic activities are planned with the motive of social benefit by a central planning authority. The
Premium Socialism Capitalism Planned economy
PoC Needs and Drives Needs and drives‚ what exactly are they and what do they have to do with dogs/dog training? A need or drive is a type of motivation that describes the behaviors dogs show during training. Needs can be something as obvious as water or food‚ all the way to behaviors that serve no clear physical need at all (ex play behavior). Dog training is all about arranging matters so the dog’s yearnings are met when they perform the desired action. Before any of this can take place you
Premium Predation Behavior Dog
Tutorial 2 (Topic 2: Thinking like an Economist) 1. i) What is meant by positive analysis and normative analysis? ii) Classify each of the following statements as positive or normative. Explain. a) Society faces a short-run trade-off between inflation and unemployment. b) A reduction in the rate of money growth will reduce the rate of inflation. c) Bank Negara Malaysia (BNM – Central Bank) should reduce the rate of money growth.
Premium Inflation Economics Bank Negara Malaysia
Consumer Buying Behavior Consumer Markets and Consumer Buying Behavior Consumer behavior is the actions a person takes in purchasing and using products and services‚ including the mental and social processes that precede and follow these actions Consumer Buying Behavior refers to the buying behavior of final consumers individuals & households who buy goods and services for personal consumption. Prof. P.V. Balakrishnan All these consumers make up the consumer market. The central
Premium Maslow's hierarchy of needs Motivation