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SEGMENTATION: The marketing process by which a company divides a heterogeneous group of buyers in segments. Each segment has similar wants and needs. The company uses a concentrated targeting strategy to sell their products to this group. A different marketing mix is created and used for each segment.
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Lesson 23: Factor Market Equilibrium | Unit 1: Intro
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Page: 3 of 24
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- Let's review the notion of equilibrium.
- Equilibrium is the state that exists due to a balance between opposing forces, which remains unchanged until another force intervenes.
- Once achieved, equilibrium persists unless or until it is disrupted by an outside force.
- Equilibrium in the factor market works much the same, with the two opposing forces being:
- Factor Demand
- Factor Supply
- When these two opposing forces of factor demand and factor supply are in balance, we have factor market equilibrium.
- Should the factor market be out of equilibrium, then like any other market, it can experience a surplus or a shortage.
- A factor market surplus, especially in labor markets, is more commonly termed unemployment.
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PERFECT COMPETITION, REALISM Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to one or two of the four key characteristics of perfect competition, none matches all four sufficiently that they can be declared PERFECTLY competitively. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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SDR
Special Drawing Right
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