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vocabulary
cards
10
Economics
12th Grade
11/17/2010

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Term
Homogenous product
Definition
products are the same or similar; easily substituted.
Term
Heterogeneous product
Definition
differentiated product; real or perceived differences exists. (color,style,quality)
Term
Unique product
Definition
one of a kind; no close substitute exists.
Term
Barriers to entry
Definition
factors that inhibit the entry or exit of firms into or out of an industry: geography, high advertising cost, high cost of capital outlay,etc.
Term
Price taker
Definition
a firm that accepts the market price determined by supply and demand.
Term
Price leadership
Definition
action taken by an industry leader to raise the price; other large firms follow suit.
Term
Price setter
Definition
a firm that has control over the price of the product it sells; no competition.
Term
Non-price competition
Definition
firms complete on the basis of factors other than price; style, quality, special.
Term
Sole proprietership
Definition
Owned and controlled by one person.
Term
Partnership
Definition
Owned and contolled two or more people.
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