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July 14, 2024 

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MARKETING CONCEPT: Focusing the company’s attention on the wants and needs of the customer in the development of products, services, ideas, and strategies. This customer driven focus is throughout the structure of the organization, from the boardroom to the shipping department and every place in between. When a decision is to be made, the question is asked: “Is this going to be good for the customer?” If the answer is yes, the company is following the marketing concept

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NORTH AMERICAN FREE TRADE AGREEMENT: A economic, international trade treaty between the three nations that occupy the North American continent -- Canada, Mexico, and the United States -- that was launch in 1994. The North American Free Trade Agreement, commonly termed NAFTA, is designed to eliminate assorted trade barriers between Canada, Mexico, and the United States, including the reduction or elimination of many tariffs and nontariff barriers. While economic theory clearly indicates efficiency is enhanced by the reduction and elimination trade restrictions, NAFTA has been strongly opposed by those potentially harmed by more efficient trade, especially labor unions. However, NAFTA is merely one of several international trade agreements created over the years to reduce trade restrictions. Others include the General Agreement on Tariffs and Trade and the Maastricht Treaty.

     See also | international trade | foreign trade | tariff | nontariff barrier | labor union | trading bloc | General Agreement on Tariffs and Trade | Maastricht Treaty | common market | customs union | economic union | free-trade area | World Trade Organization |


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PRICE ELASTICITY OF SUPPLY

The relative response of a change in quantity supplied to a change in price. More specifically the price elasticity of supply is the percentage change in quantity supplied due to a percentage change in price. This notion of elasticity captures the supply side of the market. A comparable elasticity on the demand side is the price elasticity of demand. Other notable supply elasticities are income elasticity of demand and cross elasticity of demand.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Lombard Street is London's equivalent of New York's Wall Street.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

ARIMA
Autoregressive Integrated Moving Average
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