Define and Give One Example of Each of the Following

question 102

Essay

Define and give one example of each of the following:
a. product line extension
b. product form extension
c. product category extension

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Definitions:

Unemployment Rate

The percentage reflecting those who are in the labor force and are not employed, yet are seeking employment.

Cost-push Inflation

Inflation caused by an increase in prices of inputs like labour, raw material, etc. It’s when the supply side of the economy’s production function becomes more expensive.

Demand-pull Inflation

Inflation that occurs when the demand for goods and services exceeds their supply, leading to an increase in prices.

Demand-pull Inflation

A situation where inflation is caused by an increase in demand for goods and services, exceeding the available supply.