2. Goods that you can purchase are anything like groceries, gas, clothes or anything else.
3. Babysitting / nanny services, painting services, window cleaning services and carpet installation services. I've also used plumbing services and pest control services.
4. Inflation affects the money's value by decreasing its value when the prices for goods and services rise. This causes the purchasing power of consumers to decline as their salaries remain unchanged and the cost of living grows.
5. If this is high, it may indicate possible government austerity measures in the near future (in other words, reducing government services). Besides resulting in less service from the government, the reduced spending would affect the entire economy, creating the potential for lay-offs or hiring freezes. Greece, Italy, Ireland, the UK are all going through this now and it continues to play a major role in US politics.
6. Because there is no dominance of a particular ideology (capitalism, socialism, etc), this type of system allows for a wider variety of applying differing methods to a host of problems. In other words, it allows for greater openness and less restriction when considering which ideas are ideal for the situation.
7. Managers leading firm with their total focus on Increasing Profit ... May cause Societal Cost which is a cost that every Bad firm makes like Tobacc Manufacturing Co. - Health cost .... Societal Cost can't be charged back 2 firm as Economic Cost ... For the Second part of ur question... I think Profit making objective is good as it forces Firm to utilize Scarce resources efficiently ..... still it needs to be more refine like Firm's decision making process should be carried out to Increase Firm Value but not at the Societal Cost.
Jack in the Box
Local burger joints
Cotton Patch Cafe
The indirect competitors are comprised of all places that are not fast food joints, but sell similar products (burgers, shakes, chicken sandwiches, salads, cookies, etc.).
9. Dell basically markets completely on service, whereas other market on style and looks.