流利说商务英语Level5 Unit2 Part5 Related Factors I

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流利说商务英语Level5 Unit2 Part5 Related Factors I

Market forecast

A market forecast predicts how well a good or service will sell.

Sellers use market forecasts to help determine how much supply to create.

If a forecast is accurate, it will prevent a seller from having a surplus or shortage of goods or services.  Opportunity cost

Opportunity cost is what you must give up in order to do something.

If someone decides to quit their job and go to business school, the opportunity cost would be losing their income.

Companies should consider the opportunity cost before they decide what to produce or sell.

 Resource costs

Resource costs reflect what is needed to develop a good or service. They may include the cost of materials, technology and labor.

When resource costs go up, goods and services become more expensive to produce, and the supply is likely to go down.

Without a market forecast, it may be difficult to anticipate demand.

If a market forecast predicts increased demand for yellow sweaters in the fall, a clothing company will likely product more yellow sweaters.

The company used market forecasts to anticipate demand for its products.

When expanding into new product categories, a company should consider their opportunity cost.

 Government intervention

Government intervention is an action taken by the government that influences the supply or demand of goods and services.

A government could set prices for crops to find manufacturing standards and adjust taxes.

For example, a government may raise taxes on raw materials from overseas to encourage companies to buy from domestic suppliers.  Technology

Advances in technology can improve the speed and efficiency of producing goods and services.

By reducing the time and resources needed for production, the supply of a good or service can be increased.

A subsidy is a form of government intervention where money is given to a producer to keep the price of a product low.

A government may intervene to keep industries competitive or stimulate economic growth.

The factory invested in automated technology to increase the speed of production. When manufacturing technology is improved, goods can be produced faster, which will increase their supply.

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