MEDIUM
A minimum price below which exchange is not permitted.
What is a price floor?
facts and figures that have already been recorded prior to the project at hand
What is secondary data?
the facts and figures obtained by watching, either mechanically or in person, how people actually behave.
What is observational data?
involves operating computer networks that can store and process data.
What is informational technology?
A price floor set for the price of labor.
What is a minimum wage?
the facts and figures that are newly collected for the project.
What is primary data?
the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
What are questionnaire data?
The difference between the maximum amount a person is willing to pay for a good and its current market price.
What is consumer surplus?
facts and figures related to the project that are divided into two main parts: secondary and primary.
What is data?
consists of the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.
What is a sales forecast?
a method of presenting and analyzing data involving two or more variables to discover relationships in the data. Also known as a “cross tab
What is a cross tabulation?