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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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Page: 7 of 24
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- The demand for a factor of production is derived from the demand for production.
- Specific definitions:
- Factor demand is the demand for the use of the productive services of resources, or factors of production, which is the prices buyers are willing and able to pay at for a range of different quantities.
- And factor demand is a derived demand.
- Derived demand is the demand for the services of a resource or factor of production resulting from the demand for the good or service produced.
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HORIZONTAL MERGER The consolidation of two or more separately-owned businesses, operating in the same industry and producing competing products, into a single firm. This is one of three types of mergers. The other two are vertical merger--two firms in different stages of the production of one good--and conglomerate merger--two firms in separate, unrelated industries.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for mail order catalogs with hidden messages.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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SMSA
Standard Metropolitan Statistical Area
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