|
TRANS-SHIPMENT POINT: A location that serves as a change from one transportation mode to another, such as from boat to train or truck to plane. Location theory indicates that trans-shipment points serve as a point of attraction for economic activity by virtue of saving terminal (load and unloading) cost. This indicates why harbors, interstate highway exits, railroad depots, and similar off-one-mode-onto-another-mode have historical emerged as economic centers.
Visit the GLOSS*arama
|
|
|
|
Lesson 13: The Firm | Unit 1: Introduction
|
Page: 5 of 24
|
- The relation between a firm and an industry.
- An industry is one or more business firms that produce similar products.
- In many cases the term industry can be used interchangeably with the term market.
|
|
|
|
|
|
SUBSTITUTE-IN-CONSUMPTION One of two (or more) goods that provide the same basic satisfaction of a want or need when consumed. A substitute-in-consumption is one of two alternatives falling within the other prices determinant of demand. The other is a complement-in-consumption. An increase in the price of one substitute good causes an increase in demand for the other. A substitute-in-consumption has a positive cross elasticity of demand.
Complete Entry | Visit the WEB*pedia |
|
|
Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
|
|
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." -- William Ward ‚ Texas Wesleyan University Administrator
|
|
LSE London Stock Exchange
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|