Aec 3133 - Study guides, Class notes & Summaries

AEC 3133 EXAM 2 MCKENZIE MAPLES LATEST UPDATE...

AEC 3133 EXAM 1 - 2024...

Sustainable competitive advantage Ans: a competitive advantage that can't be copied easily or cheaply Two sources of sustainable competitive advantage Ans: lowest cost provider or differentiated product Four elements of a sustainable competitive advantage Ans: superior efficient, superior quality, superior innovation, superior customer responsiveness Three parts of a strategic plan Ans: business vision statement, the strategic plan, and the implementation of the strategic plan Visio...

what economists do all day Ans: Forecast economics upswings and downturns, Forecast prices in markets, Help firms manage risk, Help estimate values for environmental goods Economists are interested in Ans: Understanding human behavior: how and why people make decisions, And using this knowledge to help inform policy decisions and understand how markets work and why some markets don't work Economists have found that Ans: Seat belt laws lead to more wrecks, Each execution in the US pre...

AEC 3133 EXAM 1 WITH QUESTIONS AND ANSWERS...

Scarcity Ans: A situation in which unlimited wants exceed the limited resources available to fulfill those wants Cost-Benefit Principle Ans: take an action if and only if the additional benefits from doing it or at least as great as the extra cost of doing it incentives Ans: a positive or negative environmental stimulus that motivates behavior indifference curve Ans: a curve that shows consumption bundles that give the consumer the same level of satisfaction Transaction price + Tra...

AEC-3133 EXAM WITH QUESTIONS AND ANSWERS...

Two sources of sustainable competitive advantage Ans: 1) Lowest cost provider 2) Differentiated product lowest cost provider Ans: If and only if it fits in costs of goods it took to make it differentiated product Ans: - Consumers believe there is a difference in products - What leads to people having way different prices because they're selling different things - What market you're selling to can affect it as well Four elements of a sustainable competitive advantage: Ans: 1) Superior...