After running her own successful pet-grooming business in Northern California, Caitlyn left family and friends and moved to Southern California, where she knew no one. Upon arrival, she immediately set up business in her new environment but became frustrated when no one seemed to notice her pet-grooming shop, much less patronize it. Caitlyn's situation exemplifies the importance of __________ in establishing how market exchanges happen.

Question

Quizplus · Accepted Answer

Caitlyn's situation highlights the importance of social networks in establishing how market exchanges happen. Without an established social network in her new environment, Caitlyn struggled to attract customers and grow her business. Social networks play a crucial role in creating trust and facilitating exchange between individuals and businesses within a community.

After Running Her Own Successful Pet-Grooming Business in Northern California