Domain 3 Vocabulary

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Product/ Market Fit

Back

The degree to which a product satisfies a strong market demand.

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Hypothesis

Back

A supposition or proposed explanation made on the basis of limited evidence as a starting point for further investigation

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Scale

Back

Approaching the limits of growth

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Demand

Back

An economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service

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Substitute

Back

A product or service that can be easily replaced with another by consumers.

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Services

Back

The action of helping or doing work for someone

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Cost of Goods

Back

Cost associated with producing products in a business during a specific time period.

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Future Expectations

Back

Set of assumptions people make about what will occur in the future

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Perceived Value

Back

Customers opinion or evaluation of a product or service.

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Quality Control

Back

A system of maintaining standards in manufactured products by testing a sample of the output against the specification.