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DEMAND: The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is one half of the market exchange process; the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem. People desire the goods and services that satisfy our wants and needs. This is the ultimate source of demand.

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PRODUCT DIFFERENTIATION: Real of perceive differences among similar goods that prompt buyers to pay different prices. Product differentiation is a method used by some firms to achieve market control. The three methods of product differentiation are physical differences, perceived differences, and support services. The greater the differentiation is among products, then the more ability firms have to exert control over prices. Product differentiation is perhaps most important for market control by firms in monopolistic competition, but it also plays a role in oligopoly.

     See also | market control | monopolistic competition | oligopoly | market structure |


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PRODUCT DIFFERENTIATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 14, 2025].


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BALANCE OF TRADE DEFICIT

The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.

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