Adm 106 graded a - Study guides, Class notes & Summaries

What is the definition of economics? - ANS The production, distribution, and consumption of goods and services. What occurs when competition is low? - ANS Production can be inefficient without being penalized and manpower and other resources can be wasted. What creates more innovation? - ANS More competition Why are companies in business? - ANS To make money What is the 1:10:100 Rule? - ANS This is the rule that states it costs $1 to fix in design, $10 to fix in production, and $100 to fi...

What is the definition of economics? - ANS The production, distribution, and consumption of goods and services. What occurs when competition is low? - ANS Production can be inefficient without being penalized and manpower and other resources can be wasted. What creates more innovation? - ANS More competition Why are companies in business? - ANS To make money What is the 1:10:100 Rule? - ANS This is the rule that states it costs $1 to fix in design, $10 to fix in production, and $100 to fi...

What is the definition of economics? - ANS The production, distribution, and consumption of goods and services. What occurs when competition is low? - ANS Production can be inefficient without being penalized and manpower and other resources can be wasted. What creates more innovation? - ANS More competition Why are companies in business? - ANS To make money What is the 1:10:100 Rule? - ANS This is the rule that states it costs $1 to fix in design, $10 to fix in production, and $100 to fi...

What is the definition of economics? - ANS The production, distribution, and consumption of goods and services. What occurs when competition is low? - ANS Production can be inefficient without being penalized and manpower and other resources can be wasted. What creates more innovation? - ANS More competition Why are companies in business? - ANS To make money What is the 1:10:100 Rule? - ANS This is the rule that states it costs $1 to fix in design, $10 to fix in production, and $100 to fi...