ope25

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Algonquin College *

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2317

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Economics

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Nov 24, 2024

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docx

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Uploaded by KidStraw14986

Short Answer Questions (Discussion and Review Questions) Question 2, page 47 The four key purchasing criteria are price, quality, variety, and timeliness. Every purchase is different. For example, one may buy a very inexpensive Durabrand electric bread knife, but more expensive and better quality (according to consumer ratings) Hamilton Beach mixer. Some consumers look for special colours and models and are willing to pay more for them. Everyone prefers to have the items they need available without delay, but some will wait a little in order to get a better price. For example, many items are cheaper if purchased directly from Amazon.ca, but delivery times range from one day to many weeks, depending on availability. Question 3, page 47 Organizations compete with cost, quality, flexibility, and delivery. WestJet competes based on cost. Cadillac competes based on quality. Dell competes based on flexibility (customization). Dominos Pizza competes based on fast delivery. Question 15, page 47 Productivity is a measure of productive use of resources, usually expressed as the ratio of output to input. Productivity is important because it is related to profitability and standard of living. Question 16, page 47 Factors affecting productivity: method and management, equipment and technology, and labour. An example of a method and management improving productivity is JIT (lean) production. An example of an equipment and technology improving productivity are computers and the Internet. An example of labour improving productivity are trained and knowledgeable workers.

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