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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Economists use the word efficient to mean any of several closely related things: [12] No one can be made better off without making someone else worse off (Pareto efficiency). No more output can be obtained without increasing the amount of inputs. Production proceeds at the lowest possible per-unit cost.
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Law firms, public relations firms, and investment bankers employed by a target company to fend off unfriendly takeover. Lobster Trap The anti-takeover strategy that involves restrictions in the charter on the acquisition of voting stock by individuals with a large percentage of the convertible securities , named for the trap that is designed to ...
Comparative advantage in an economic model is the advantage over others in producing a particular good.A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1]
Human capital has a substantial impact on individual earnings. [2] Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. [2] [3] Companies can invest in human capital; for example, through education and training, improving levels of quality and production. [4]
Transportation businesses such as railways, airlines, and shipping companies deliver goods and individuals to their destinations for a fee. Utilities produce public services such as water , electricity , waste management or sewage treatment .