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DECLINE STAGE: The final stage of the product life cycle, characterized by a drastic drop off in profits. A company needs to decide how long to continue to support a product during this stage. Advertising and promotion can help maintain sales for a period of time. Ultimately, the cost-benefit tradeoff forces the business to discontinue the manufacturing of a product in this stage. Sometimes this happens quite rapidly and in some cases the product continues in this stage for many years.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 5 of 25

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In this unit, you should have learned something about:
  1. How numerical measurements are used to indicate the health and well-being of the economy.
  2. Gross Domestic Product (GDP), which is the total market value of all final goods and services produced in the economy in a given period of time.
  3. That GDP seeks to measure ALL production of goods and services in the economy at its total market value.
  4. That GDP only measures the market value of final goods and services, because the cost of intermediate goods is included in the price of the finished product.
  5. That GDP measures the flow of current production that takes place during a specific period, usually one year.
  6. The difference flows, which are measures that take place over a period of time, and stocks, which are measures that exist at a point in time.

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OLIGOPOLY, CONCENTRATION

Oligopoly is a market structure that contains a small number of relatively large firms, meaning oligopoly markets tend to be concentrated. A small number of large firms account for a majority of total output. Concentration unto itself is not necessarily bad, but it often leads to inefficient behavior, such as collusion and nonprice competition. Concentration is measured in three ways--market share, concentration ratio, Herfindahl index.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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