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ECON 202

Lecture 10 Vocab

TermDefinition
the idea that all products go through various stages of life product life cycle
when products are introduced and market awareness and producer profits are low introduction stage
sales rise rapidly as more consumers become aware of the product and increase demand growth stage
sales growth rate slows and increased competition begins to reduce prices maturity stage
due to overproduction in the maturity stage sales, prices, profits and supply begin to decline and lower demand decline stage
a gradual phase-out of the firm's support for the product whie trying to maintain sales for as long as possible harvesting
an attempt to sell the business to another buyer divesting
when an economic profit cannot be achieved until a certain production level or market size is attained minimum efficient scale
average costs decline as a porducer maeks a greater number of single product economy of scale
average costs decline as a producer makes a range of different products rather than specializing in on product economy of scope
the idea that markets incorporate all available information into current prices; whenever new information arrives to a market, prices will adjust immediately to reflect the market's valuation of the new information efficient markets hypothesis
no idle resources exist; economy is producing at its maximum capacity productive efficiency
the economy is producing the mix of goods that society demands allocative efficiency
markets incorporate all public information weakly efficient markets
markets incorporate all private information semi-strong efficient markets
markets incorporate all information strong efficient markets
economic analysis of market behavior dependent upon the number of buyers and /or sellers in a particular market or type of market market structure
a market with many buyers and many sellers perfect market
assumptions tha tmust be made to analyze a market with many buyers and sellers perfect market assumptions
Created by: nomad95
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