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BRAND LOYALTY: A positive attitude toward and preference for purchasing a specific product or service in the market place. It is the desired goal of all businesses to create brand loyalty from members of their target markets. Once brand loyalty has been created it is more difficult to persuade customers to switch to an alternative brand. Some consumers will only purchase Mountain Dew, nothing else will do.
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Lesson 4: Production Possibilities | Unit 1: Getting Started
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Let's begin with a definition: Production possibilities is an analysis that shows how much of two goods that our economy can produce given existing resources and technology. Production possibilities analysis is used to... - Answer the 'What?' question of allocation: To answer the "What?", what goods we want to produce depends on what goods the economy is able to produce.
- Understand economic concepts: Some of the key terms we will analyze are opportunity cost, unemployment, full employment, investment, and growth.
- Introduce graphical analysis techniques: This will be our first hands-on work with graphical analysis, a required part of economic study. Graphs, lines, and curves are a handy way of abstracting key relationships and principles from the real world.
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EFFICIENT INFORMATION SEARCH A comparison between the cost of acquiring information and the benefit generated by the information such that it is not possible to increase welfare or well being by acquiring any more of any less information. Efficient information search is achieved by equating the marginal cost of search with the benefit of search. This efficiency is comparable to the profit-maximizing decision by a producer and the utility-maximizing decision by a consumer.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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RPI
Retail Price Index
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