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Product cycle theory |
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Product cycle theoryTheory suggesting that a firm initially establish itself locally and expand into foreign markets in response to foreign demand for its product; over time, the MNC will grow in foreign markets; after some point, its foreign business may decline unless it can differentiate its product from competitors.Product cycle theory Similar MatchesNonproduction workerNonproduction workerA worker not directly engaged in production. In empirical studies of skilled and unskilled labor, data on nonproduction workers are often taken to represent skilled labor. Gross domestic productGross domestic productThe value of all goods and services created within an economy. It equals gross national product minus income from abroad. Gross national productGross national productThe total value of new goods and services produced in a given year by a country's domestically owned factors of production, regardless of where. It is "gross" in the sense that it does not deduct depreciation of previously produced capital, in contrast to NNP. Production possibility frontierProduction possibility frontierA diagram showing the maximum output possible for one good for various outputs of another (or several others), given technology and factor endowments. Also called a transformation curve or production possibility curve. Net national productNet national productGross national product minus depreciation. This is the most complete measure of productive activity by a country's nationals, though its accuracy suffers from the difficulty of measuring depreciation. Further SuggestionsFactor of productionNeighborhood production structure Production worker Productivity Product differentiation Value marginal product Product Product Differentiation Gross domestic product (GDP) Product cycle Production possibilities schedule Industrial production Product cycle Production possibility curve Marginal product Total factor productivity Average product Gross domestic product Production externality Productivity Production Cost Advantage Labor productivity protected investment products Current production rate Neoclassical production function |
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