
HOMOGENEOUS: In general, the notion that everything has identical characteristics. For example, a neighborhood might have a homogeneous culture, meaning everyone has similar income, religious preferences, and political views. In economics, it is used in a couple of different ways. One is for production, such that two or more goods are homogeneous if they are physically identical or at least viewed as identical by buyers. Another is for mathematical equations, such that an equation is said to be homogeneous if the independent variables are increased by a constant value, then the dependent variable is increased by a function of that value. In a marketing context, this is a market characterized by buyers with similar needs and wants. This group is targeted with an undifferentiated targeting strategy. The company uses only one marketing mix to satisfy this group of buyers.
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ARC ELASTICITY The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a weathervane with a cow on top or a box of multicolored, plastic paper clips. Be on the lookout for high interest rates. Your Complete Scope
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.


"A winner is someone who recognizes his Godgiven talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. "  Larry Bird, basketball player


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