GEB 2011 Lecture Notes - Lecture 6: Small Business Administration, Monopolistic Competition, Oligopoly

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3 Aug 2017
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Business organization hat provides goods or services to earn profits. Everything outside an organizations boundaries that might affect it. Economic system a nation"s system for allocating its resources among its citizens, both individuals, and organizations. Economy that relies on centralized government to control all or most factors of production. Individual producers and consumers control production and allocation by creating combinations of supply and demand. Features characteristics of both planned and market economies. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those competitors. Market or industry characterized by handful of (generally large) sellers with the power to influence the prices of their products. Established market one in which many firms compete according to relatively well-defined criteria. Niche a segment of a market that is not currently being exploited. First-mover advantage is any advantage that comes to a firm because it exploits an opportunity before any other firm does.

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