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Distinguish Between a Fragmented and Consolidated Industry

question 7

Essay

Distinguish between a fragmented and consolidated industry.


Definitions:

Product Markets

Markets where final goods and services are bought and sold, contrasting with markets for inputs used in production, like labor and raw materials.

Services

Intangible products such as education, healthcare, and entertainment, provided and consumed at the same time, contributing to an economy's output.

Scarce Resources

Scarce resources are materials, goods, or services that are limited in availability relative to the desires or demands of human beings.

Goods and Services

The output produced by a society, including tangible products (goods) and intangible items (services) that fulfill human wants or needs.

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