Search results
Results from the WOW.Com Content Network
Reputation is the primary stuff of perceived quality. Its power comes from an unstated analogy: that the quality of products today is similar to the quality of products of yesterday, or the quality of goods in a new product line is similar to the quality of a company's established products. [1]
The quality and performance offered by a close substitute are of a higher standard. Customers of a product have low loyalty towards the brand or product, hence being more sensitive to price changes. Additionally substitute goods have a large impact on markets, consumer and sellers through the following factors:
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function .
Economic growth may be defined as a production increase of an output of a production process. It is usually expressed as a growth percentage depicting growth of the real production output. The real output is the real value of products produced in a production process and when we subtract the real input from the real output we get the real income.
Economics focuses on the study of economic goods, or goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply. [3] A consumer good or "final good" is any item that is ultimately consumed, rather than used in the ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...
Quality is a perceptual, conditional, and somewhat subjective attribute and may be understood differently by different people. [1] [2] Consumers may focus on the specification quality of a product/service, or how it compares to competitors in the marketplace.