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May 26, 2024 

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VALUE: Quite simply, this is the amount of consumer satisfaction directly or indirectly obtained from a good. service, or resource. The more a good satisfies a person's want or need, then the more valuable it is to that person. Furthermore, different people are likely to place different values on a good. Resources are valuable to the degree that they are used to produce stuff that consumers want. The bottom line is that value, like beauty, is truly in the eye of the beholder.

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PRODUCT: A generic term for a tangible good, an intangible service, or an idea. This is the "output" of any production process. The product is also one variable of the marketing mix. Products are classified as consumer or business. Consumer products can be convenience, shopping, specialty, or unsought. Business products are raw materials, components, installation, equipment, accessories, and MRO type items.

     See also | production | supply | output | good | service | consumer products | business products | services | ideas | MRO | price | promotion | distribution | packaging | marketing mix |


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PRODUCT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 26, 2024].


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AGGREGATE MARKET SHOCKS

Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). Changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.

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