Briefly Explain the Following Terms

question 29

Essay

Briefly explain the following terms:
a)Non-monetary exchange transaction
b)Consignment transaction
c)Franchise
d)Installment sale

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Definitions:

Resource Prices

The costs associated with acquiring inputs used in the production process, such as labor, materials, and capital.

Industry Expands

The process of growth within a particular sector or industry, marked by increased production, innovation, and possibly the entrance of new firms.

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the excess return over the firm's opportunity costs.

Purely Competitive Firm

A business that operates in a market with many buyers and sellers, where each has a negligible impact on price and product homogeneity prevails.