GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What to produce?
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For whom to produce?
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How to produce?
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When to produce?
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Detailed explanation-1: -The product market is where goods and services are sold and bought, while the factor market is where different factors of production like land, capital, and labor are bought and sold.
Detailed explanation-2: -Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. Land resources are the raw materials in the production process.
Detailed explanation-3: -A make-or-buy decision is an act of choosing between manufacturing a product in-house or purchasing it from an external supplier. Make-or-buy decisions, like outsourcing decisions, speak to a comparison of the costs and advantages of producing in-house versus buying it elsewhere.
Detailed explanation-4: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.