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Product cycle |
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Product cycleThe life cycle of a new product, which first can be produced only in the country where it was developed, then as it becomes standardized and more familiar, can be produced in other countries and exported back to where it started. Due to Vernon (1966).Product cycleThe time it takes to bring new and/or improved products to market.Product cycle Similar MatchesMarginal productMarginal productIn a production function, the marginal product of a factor is the increase in output due to a unit increase in the input of the factor; that is, the partial derivative of the production function with respect to the factor. In a competitive equilibrium, the equilibrium price of any factor is its marginal value product in every sector where it is employed. Gross domestic product (GDP)Gross domestic product (GDP)The market value of goods and services produced over time including the income of foreign corporations and foreign residents working in the U.S., but excluding the income of U.S. residents and corporations overseas. 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. Production workerProduction workerA worker directly engaged in production. In empirical studies of skilled and unskilled labor, data on production workers are often taken to represent unskilled labor. Production possibility curveProduction possibility curveSee production possibility frontier. Further SuggestionsIntra-product specializationProductivity Digital Products protected investment products Product Differentiated product Gross national product Net national product Product cycle theory Productivity of labor Industrial production Productivity Product life cycle Total factor productivity Product differentiation Gross domestic product Directly Unproductive Profit-Seeking Activities Labor productivity Production rate Edgeworth Production Box Net domestic product Production externality Marginal value product Product Differentiation Production possibilities schedule |
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