The classic example of pure competition occurs with a commodity, like wheat or corn, that has so many producers that no one of them can control its selling price.
A monopoly occurs when one company alone offers a particular food or service and therefore controls the market and price for it.
Private restaurants serve gourmet food for $70 per person; incentives boosted agricultural production 25 percent and industrial output 80 percent in just three years; farmers are encouraged to raise as much as they can on their own plots, and some become almost rich in the process.
All these changes in Chinas economic life have brought changes in Chinas social and cultural life as well, many of which unwanted.
If productivity measures the efficiency of an economy, a measure of what an economic system produces is its gross national product , which is the current market value of all final goods and services that a nation produces within a particular period.
Current wisdom says that if you want a successful product, you need first to perform detailed market analysis, making sure that there are plenty of people who need the new product and that your entry into the market will be able to gain a significant share of that market.
Started at the turn of the century, 3M has been growing at a healthy rate of about 10 percent a year and it boasts of having 45,000 products on the market.
An entrepreneur is someone like Tom Monaghan, the man who after brushes with bankruptcy turned Dominos Pizza into the nations fastest growing franchise chain.
The extent to which the broadcast media should be censored for offensive language and behavior involves a conflict between our right as individuals to freely express ourselves and the duty of government to protect its citizenry from potential harm.
Although we may not have conclusive scientific evidence of a cause effect relationship, ample anecdotal evidence establishes a significant correlation.
Moreover, both common sense and our experiences with children inform us that people tend to mimic the language and behavior they are exposed to.
Those who advocate unbridled individual expression might point out that the right of free speech is intrinsic to a democracy and necessary to its survival.
In sum, it is in our best interest as a society for the government to censor broadcast media for obscene and offensive language and behavior.
While individuals have primary responsibility for learning new skills and finding work, both industry and government have some obligation to provide them with the means of doing so.
The suggested reason for buying the car is obvious: it is the intelligent choice.
In conclusion, I agree that appeals to emotion are more powerful tools than arguments and reasoning for promoting products.
Advertising is obviously the most influential art form in this century; it is, therefore, tempting to think that it is the most important.
The lesson here is that advertising, in itself, probably will not achieve as great importance as art.
Requiring businesses to provide complete product information to customers promotes various consumer interests, but at the same time imposes burdens on businesses, government, and taxpayer.
While I doubt that buildings determine our character or basic personality traits, I argue that they can greatly influence our attitudes, moods, and even life styles.
Numerous psychological studies show that different colors influence behavior, attitudes, and emotions in distinctly different ways.
Women differ fundamentally from men in childbearing ability; related to this ability is the maternal instinct a desire to nurture that is far stronger for women than for men, generally speaking.
In consumer driven industries, innovation, product differentiation, and creativity are crucial to lasting success.
And in technology, when there are no conventional practices or ways of thinking to begin with, companies that fail to break away from last years paradigm are soon left behind by the competition.
Whether an individual saves too little or borrows too much depends on the purpose and extent of either activity.
The evidence suggests that, on balance, people today tend to concern themselves with only practical matters that are related to their life.
Traditionally, saving is viewed as a virtue, while borrowing is considered as a vice.
However, just the opposite may be true under certain circumstances.
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