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Market research about market structures and processes must be done to define the “relevant market”. The relevant market is an integral part of the whole market, on which the company focuses its activities. To identify and classify the relevant market, a market classification or segmentation has to be done. [3]
Energy portal; Crack spread is a term used on the oil industry and futures trading for the differential between the price of crude oil and petroleum products extracted from it. . The spread approximates the profit margin that an oil refinery can expect to make by "cracking" the long-chain hydrocarbons of crude oil into useful shorter-chain petroleum produc
maximizing behavior of economic units (as to utility for a consumer and profit for a firm) economic systems (including markets and economies) in stable equilibrium; qualitative properties between two or more variables, such as an alleged technological relation or psychological law (indexed by the sign of the relevant functional relationship).
A major topic of debate is how much a given market can be considered to be a "free market", that is free from government intervention. Microeconomics traditionally focuses on the study of market structure and the efficiency of market equilibrium ; when the latter (if it exists) is not efficient, then economists say that a market failure has ...
Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. [1] In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method (or several methods).
This model has had direct influence on subsequent industrial economics models such as Porter's five forces analysis. [2] According to the structure–conduct–performance paradigm, the market environment has a direct, short-term impact on the market structure. The market structure then has a direct influence on the firm's economic conduct ...
Introduction to Economic Analysis is a university microeconomics textbook by Caltech Professor Preston McAfee. [1] It is available free of charge under Creative Commons license [ 2 ] (an open source ); under this "license that requires attribution, users can pick and choose chapters or integrate with their own material".
In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...