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What is the basic principle behind supply-side economics? After supply-side policies were implemented in 1981, the economy pulled out of the 1980 recession and entered an expansionary period. How would a supply-side economist explain the success of these policies? How do critics of supply-side policies explain the recovery from the recession?
Cost Leadership
A business strategy focused on achieving the lowest operational costs within an industry, thereby allowing the company to offer its products or services at a lower price than its competitors.
Small Company
A business with a limited number of employees and relatively low volume of sales compared to larger enterprises.
Porter's Generic Strategies
A framework developed by economist Michael Porter that outlines three potential strategies—cost leadership, differentiation, and focus—for achieving competitive advantage.
Focused Differentiation
A business strategy where a company targets a specific market segment with unique products or services that stand out from competitors.
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