Examlex
A market for any product is the sum of the demand existing in individual groups or segments of consumers.
Barriers To Entry
Obstacles that make it difficult for new competitors to enter a market, protecting existing firms from new entrants.
Scarce Resource
A resource with limited availability in comparison to the desired use which exceeds its supply in an economic environment.
Technological Superiority
Having more advanced and efficient technology compared to competitors, often leading to a competitive advantage.
Economies Of Scale
Cost advantages that enterprises obtain due to their scale of operation, leading to cost per unit of output decreasing with increasing scale.
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