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After-market (general)
Aftermarket in economic literature refers to a secondary market for the goods and services that are complementary or related to the primary market goods, also known as original equipment). In many industries, the primary market consists of durable goods, whereas the aftermarket consists of consumable or non-durable products or services. In the moment, aftermarket goods mainly include products and services for replacement parts, upgrade, maintenance and enhancement. Elements There are two essential elements of the aftermarket: installed base and vendor lock-in effect. Installed base A certain level of installed base of original equipment customers is necessary for the sufficient demand of aftermarket products. Therefore, significant installed base normally makes aftermarket profitable as an established installed base is likely to consume the aftermarket products repeatedly over the lifespan of their durable goods. Lock-in effect (also installed-base opportunism) Lock-in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complementary Good
In economics, a complementary good is a good whose appeal increases with the popularity of its complement. Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. If A is a complement to B, an increase in the price of A will result in a negative movement along the demand curve of A and cause the demand curve for B to shift inward; less of each good will be demanded. Conversely, a decrease in the price of A will result in a positive movement along the demand curve of A and cause the demand curve of B to shift outward; more of each good will be demanded. This is in contrast to a substitute good, whose demand decreases when its substitute's price decreases. When two goods are complements, they experience ''joint demand'' - the demand of one good is linked to the demand for another good. Therefore, if a higher quantity is demanded of one good, a higher quantity will also be demanded of the other, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Cost
In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output. Marginal cost is different from average cost, which is the total cost divided by the number of units produced. At each level of production and time period being considered, marginal cost includes all costs that vary with the level of production, whereas costs that do not vary with production are fixed. For example, the marginal cost of producing an automobile will include the costs of labor and parts needed for the additional automobile but not t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Terms
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from sole proprietors and partnerships. Corporations are separate and unique legal entities from their shareholders; as such they provide limited liability for their owners and members. Cor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Durable Good
In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use. Items like bricks could be considered perfectly durable goods because they should theoretically never wear out. Highly durable goods such as refrigerators or cars usually continue to be useful for several years of use, so durable goods are typically characterized by long periods between successive purchases. Nondurable goods or soft goods (consumables) are the opposite of durable goods. They may be defined either as goods that are immediately consumed in one use or ones that have a lifespan of less than three years. Examples of nondurable goods include fast-moving consumer goods such as food, cosmetics, cleaning products, medication, clothing, packaging and fuel. While durable goods can usually be rented as well as bought, nondurable goods generally are not rented. Durab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago School Of Economics
The Chicago school of economics is a Neoclassical economics, neoclassical Schools of economic thought, school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The Saltwater and freshwater economics, freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eastman Kodak Co
Eastman may refer to: People * Eastman (surname) * Eastman Nixon Jacobs (1902–1987), American aerodynamicist * John Eastman (b 1960), American lawyer and founding director of the Center for Constitutional Jurisprudence, author of Eastman memos while he was retained by then-President Donald Trump * Jonathan Eastman Johnson (1824–1906), American painter * George Eastman (1854-1932), American entrepreneur who founded the Eastman Kodak Company * Lester Fuess Eastman (1928-2013), American physicist, engineer and educator. Places Canada * Eastman Region, Manitoba * Eastman, Quebec, a municipality United States * Eastman, Georgia, a city * Eastman, Wisconsin, a village * Eastman (town), Wisconsin * Eastman Pond, New Hampshire Elsewhere * Eastman (crater), on Mercury Other * Eastman School of Music ** Eastman Theatre **Eastman Wind Ensemble * Eastman Color Negative * Eastman Chemical Company * Eastman Dental Hospital ** UCL Eastman Dental Institute * Eastman Gang, last of N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toner Cartridge
A toner cartridge, also called laser toner, is the consumable component of a laser printer. Toner cartridges contain toner powder, a fine, dry mixture of plastic particles, carbon, and black or other coloring agents that make the actual image on the paper. The toner is transferred to paper via an electrostatically charged drum unit, and fused onto the paper by heated rollers during the printing process. It will not stain like ink cartridges, but it can get messy if handled improperly. Variants Low-end to mid-range laser printers typically contain two consumable parts: the toner cartridge itself (which has a typical life of 2,000 pages) and the drum unit (a typical life of 40,000 pages). Some toner cartridges incorporate the drum unit in the design, and both drum and cartridge are replaced simultaneously; cost of a cartridge is higher than a toner-only cartridge, although separate drum replacement is avoided. Toner cartridges have the same function as ink cartridges used by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Bundling
In marketing, product bundling is offering several products or services for sale as one combined product or service package. It is a common feature in many imperfectly competitive product and service markets. Industries engaged in the practice include telecommunications services, financial services, health care, information, and consumer electronics. A software bundle might include a word processor, spreadsheet, and presentation program into a single office suite. The cable television industry often bundles many TV and movie channels into a single tier or package. The fast food industry combines separate food items into a " combo meal" or "value meal". A bundle of products may be called a package deal; in recorded music or video games, a compilation or box set; or in publishing, an anthology. Product bundling is most suitable for high volume and high margin (i.e., low marginal cost) products. Research by Yannis Bakos and Erik Brynjolfsson found that bundling was particula ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tying (commerce)
Tying (informally, product tying) is the practice of selling one product or service as a mandatory addition to the purchase of a different product or service. In legal terms, a ''tying sale'' makes the sale of one good (the ''tying good'') to the de facto customer (or de jure customer) conditional on the purchase of a second distinctive good (the ''tied good''). Tying is often illegal when the products are not naturally related. It is related to but distinct from freebie marketing, a common (and legal) method of giving away (or selling at a substantial discount) one item to ensure a continual flow of sales of another related item. Some kinds of tying, especially by contract, have historically been regarded as anti-competitive practices. The basic idea is that consumers are harmed by being forced to buy an undesired good (the tied good) in order to purchase a good they actually want (the tying good), and so would prefer that the goods be sold separately. The company doing this bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complementary Good
In economics, a complementary good is a good whose appeal increases with the popularity of its complement. Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. If A is a complement to B, an increase in the price of A will result in a negative movement along the demand curve of A and cause the demand curve for B to shift inward; less of each good will be demanded. Conversely, a decrease in the price of A will result in a positive movement along the demand curve of A and cause the demand curve of B to shift outward; more of each good will be demanded. This is in contrast to a substitute good, whose demand decreases when its substitute's price decreases. When two goods are complements, they experience ''joint demand'' - the demand of one good is linked to the demand for another good. Therefore, if a higher quantity is demanded of one good, a higher quantity will also be demanded of the other, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loss Leader
A loss leader (also leader) is a pricing strategy where a product is sold at a price below its market cost to stimulate other sales of more profitable goods or services. With this sales promotion/marketing strategy, a "leader" is any popular article, i.e., sold at a low price to attract customers. One use of a loss leader is to draw customers into a store where they are likely to buy other goods. The vendor expects that the typical customer will purchase other items at the same time as the loss leader and that the profit made on these items will be such that an overall profit is generated for the vendor. "Loss lead" is an item offered for sale at a reduced price that is intended to "lead" to the subsequent sale of other services or items. The loss leader is offered at a price below its minimum profit margin—not necessarily below cost. The firm tries to maintain a current analysis of its accounts for both the loss lead and the associated items, so it can monitor how well the sche ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
