For each of the following resources, name at least two (hypothetical) competing potential uses for that resource. Then for each describe how the “market” determines to which use it will be allocated.

Question 1 - A parcel of vacant land located at the intersection of two streets used heavily by commuters

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Question 2 - A semi-tractor and trailer owned by a private trucker

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Question 3 - A web-designer with particular expertise in business web development

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Question 4 - Fitness Fanatic is a startup fitness center located in Louisville Kentucky. Its innovative model of combining social networking, exclusive branded apparel, and an invitation-only fitness center has led to substantial revenue growth. Describe how Fitness Fanatic exemplifies the “opportunity seeking” dimension of value creation.

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Question 5 - Integrated Freight utilizes artificial intelligence to route freight across multiple carriers and modalities (e. g. train versus truck). The result is that Integrated Freight is able to reduce long distance freight costs by an average 20%. Describe how Integrated Freight exemplifies the “efficiency seeking” dimension of value creation.

Answer 1. After that The vacant land could be used for building a house for domestic habitation so that it could be used to build a commercial property.

Answer 2. The semi-tractor and also the trailer could be used to transport many types of goods. after that, The market will have been determining which goods are more profitable to transport, and also that these are the goods that the private trucker will have been deciding to transport.

Answer 3. Occurs that The web designer could use his expertise to build a random website, Just Because he is an expert in the latter, then the market will likely determine that he will do the second type of site.

Answer 4. When the Fitness Fanatic exemplifies the opportunity that is seeking in that it has diversified its business model. so that It is not only a fitness center, but also a social networking site, and an apparel retailer.

Answer 5. after that Efficiency is defined as doing what is needed, with the resources available, and also at the least cost.

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A parcel of vacant land located at the intersection of two streets used heavily by commuters

The vacant land could be used for building a house for domestic habitation, or it could be used to build commercial property.

The market will likely result in the building of the commercial property, because the street is heavily used by commuters, which means that a business could have a lot of potential customers in the area.

A semi-tractor and trailer owned by a private trucker

The semi-tractor and trailer could be used to transport many types of goods. The market will determine which goods are more profitable to transport, and these are the goods that the private trucker will decide to transport.

A web-designer with particular expertise in business web development

The web-designer could use his expertise to build a random web site, or to build a business web development site. Because he is an expert in the latter, the market will likely determine that he will do the second type of site.

Fitness Fanatic is a startup fitness center located in Louisville Kentucky. Its innovative model of combining social networking, exclusive branded apparel, and an invitation-only fitness center has led to substantial revenue growth. Describe how Fitness Fanatic exemplifies the “opportunity seeking” dimension of value creation.

Fitness Fanatic exemplifies opportunity seeking in that it has diversified its business model. It is not only a fitness center, but also a social networking site, and a apparel retailer.

Integrated Freight utilizes artificial intelligence to route freight across multiple carriers and modalities (e.g. train versus truck). The result is that Integrated Freight is able to reduce long distance freight costs by an average 20%. Describe how Integrated Freight exemplifies the “efficiency seeking” dimension of value creation.

Efficiency is defined as doing what is needed, with the resources available, and at the least cost.

Integrated freight uses an innovative tool: artificial intelligence, to develop more accurate logistic models that determine whether a shipment should be dispatched by train or by truck. Thanks to the higher accuracy of the artificial intelligence models, Integrated Freight exempliflies the "efficiency seeking" dimension of value creation because it is able to complete long distance freight at lower costs.

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