Discount Stores Are Retail Chains That Compete on the Basis

question 20

Essay

Discount stores are retail chains that compete on the basis of low prices,high turnover,and high volume.Name and briefly describe four types of discounters,and give an example of each type.

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Definitions:

Economic Costs

Total expenses incurred in the production of goods and services, including both explicit and implicit costs.

Own Capital

The funds or assets owned by a business or individual, invested to start or operate a business.

Long Run

A period of time in which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market changes.

Inputs

Inputs are the resources such as labor, materials, and capital that are used in the production process to create goods and services.