Examlex
What is globalization? How has globalization affected employers and HR management?
Substitute Good
A product or service that can be used in place of another to satisfy similar needs or demands.
Market Power
The ability of a company or group of companies to control prices and total market output in an industry or sector.
Elastic Demand
Describes a market scenario where the demand for a product significantly changes in response to changes in the price of that product.
Less Elastic
Less elastic refers to a demand or supply that is relatively unresponsive to changes in price compared to a perfectly elastic curve.
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