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HETEROGENEOUS: A market characterized by buyers with different needs and wants. A company utilizes a concentrated targeting strategy for this group. This market requires the company to divided the market into groups by a process called market segmentation. The company then develops a different marketing mix to satisfy each of these groups or segments.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 4 of 25

Topic: Given Year <=PAGE BACK | PAGE NEXT=>

The third GDP highlight phrase is 'a given period of time'.

GDP is production that takes place during a specific period, usually one year.

  • GDP is a flow. Current production takes place during the specific period of time under study.
  • Flows are measured over a period of time. GDP is measured from January 1st to December 31st.
  • Stocks are measured at a point in time. The quantity of money is measured at an instant in time, like July 26th at 8:15.
  • In addition to GDP, other production and income measures in this lesson are flows.
  • In addition to money, employment, business inventories, and labor force are stocks.

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CONSUMPTION SCHEDULE

A table or chart that represents the relation between household sector consumption and income. A consumption schedule is commonly used for a basic, instructional presentation of aggregate consumption activity by the household sector and is also used as a source of numbers for deriving the consumption line. The key measures derived from the consumption-income relation in the schedule are average propensity to consume and marginal propensity to consume. The saving schedule is comparable table for the relation between saving and income.

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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for pencil sharpeners with an attitude.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

EFTA
European Free Trade Association
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