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t. e. In contract law, a choice of law clause or proper law clause [1] is a term of a contract in which the parties specify that any dispute arising under the contract shall be determined in accordance with the law of a particular jurisdiction. [2] An example is "This Agreement shall be governed by, and construed in accordance with, the law of ...
e. Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. There are three/four generic strategies, either lower cost, differentiated, or focus. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself ...
The basic premise of rational choice theory is that the decisions made by individual actors will collectively produce aggregate social behaviour. The theory also assumes that individuals have preferences out of available choice alternatives. These preferences are assumed to be complete and transitive.
Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.
Managerial economics. Managerial economics is a branch of economics involving the application of economic methods in the organizational decision-making process. [ 1] Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make ...
Politics. Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science ." [ 1] Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their ...
A discrete choice model specifies the probability that a person chooses a particular alternative, with the probability expressed as a function of observed variables that relate to the alternatives and the person. In its general form, the probability that person n chooses alternative i is expressed as: where.
Revenue rule. v. t. e. In contract law, a forum selection clause (sometimes called a dispute resolution clause, choice of court clause, governing law clause, jurisdiction clause or an arbitration clause, depending upon its form) in a contract with a conflict of laws element allows the parties to agree that any disputes relating to that contract ...