Define Brokering

question 4

Essay

Define brokering.

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Definitions:

Sequential Move Game

A strategic game in game theory where players make decisions or moves one after another rather than simultaneously.

Centralized Purchasing

A procurement strategy where purchasing decisions and processes are handled by a single, central department within an organization.

Equilibrium

a state in economics where supply equals demand, resulting in a stable market condition.

Trigger Strategy

A strategy in repeated games where a player's response is conditioned on past behavior, such as retaliating or cooperating based on the other player's previous actions.