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Define product differentiation.
Warranties
Guarantees provided by the seller or manufacturer, asserting that a product will meet specified criteria of performance over a certain period, and offering remedies in case of failure.
Moral Hazard
A situation where one party engages in risky behavior or fails to act in good faith because another party bears the consequences of that behavior, often seen in insurance and financial sectors.
Incentives
Incentives or disincentives that encourage people or organizations to behave in specific manners.
Insurance Premiums
The amounts paid for insurance coverage, typically charged monthly or annually, to maintain the insurance policy.
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