What is a business model?a.A theory that links the behaviour of an individual with their belief in business.b.A theory that states how business decisions are made under uncertainty.c.A theory that states how the cost of financing increases with the asymmetric informationd.A theory that states how a business intends to create, deliver, and capture value.
Question
What is a business model?a.A theory that links the behaviour of an individual with their belief in business.b.A theory that states how business decisions are made under uncertainty.c.A theory that states how the cost of financing increases with the asymmetric informationd.A theory that states how a business intends to create, deliver, and capture value.
Solution
The answer is d. A theory that states how a business intends to create, deliver, and capture value.
Step 1: Understand the question - The question is asking for the definition of a business model.
Step 2: Understand the options -
a. A theory that links the behaviour of an individual with their belief in business is more related to behavioral economics or psychology, not a business model.
b. A theory that states how business decisions are made under uncertainty is more related to decision theory or risk management, not a business model.
c. A theory that states how the cost of financing increases with the asymmetric information is more related to financial economics, specifically information asymmetry, not a business model.
d. A theory that states how a business intends to create, deliver, and capture value is the definition of a business model. It describes the rationale of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts.
Step 3: Match the definition to the term -
Among the given options, a theory that states how a business intends to create, deliver, and capture value best defines a business model.
Therefore, a business model is a theory that states how a business intends to create, deliver, and capture value.
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