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Text 1: Branding
An effective brand strategy gives you a major edge in increasingly competitive markets. But what exactly
does "branding" mean? Simply put, your brand is your promise to your customer. It tells them what they
can expect from your products and services, and it differentiates your offering from that of your
competitors. Your brand is derived from who you are, who you want to be and who people perceive you
to be.
Wal-Mart reducing its prices to the point that the competition cannot compete, and American Airlines
reducing its ticket prices to below cost and increasing the frequency of its flights are two examples of
predatory pricing. By reducing their prices to these extremely low levels, large businesses hope to put
small competitors out of business and create a monopoly. Large businesses can handle short-term losses
if it leads to the elimination of competition in an area.
Generally, low prices provide a benefit for consumers, since they can save money. The problem occurs
when retailers offer certain goods at prices below cost until it forces competitors to close their doors for
good. Then, the retailer can charge a much higher price for the same product, since the consumer does
not have any other options.
Environmental economics takes into consideration issues such as the conservation and valuation of
natural resources, pollution control, waste management and recycling, and the efficient creation of
emission standards. Economics is an important tool for making decisions about the use, conservation,
and protection of natural resources because it provides information about choices people make, the
costs and benefits of various proposed measures, and the likely outcome of environmental and other
policies. Since resources—whether human, natural, or monetary—are not infinite, these public policies
are most effective when they achieve the maximum possible benefit in the most efficient way.
Therefore, one job of policymakers is to understand how resources can be utilized most efficiently in
order to accomplish the desired goals by weighing the costs of various alternatives to their potential
benefits.
https://enviroliteracy.org/environment-society/environmental-resource-economics/