Integration describes the process where a company expands its business by taking control of different stages of production
Tag: market structures
external growth of firms
External growth happens when a company expands by joining with or buying other businesses, instead of growing through
diversification (firm growth)
Diversification in firm growth happens when a company expands into new products, services, or markets that are different
organic growth
Organic growth (also known as internal growth) occurs when a company expands its operations using its own resources.
internal growth of firms
Internal growth (also known as organic growth) happens when a company expands its business using its own resources.
non-price competition
Non-price competition occurs when businesses compete by using factors other than lowering prices. Instead of focusing on cost,
price competition
Price competition occurs when businesses try to win customers and increase their market share by offering lower prices
barriers to exit
Barriers to exit are obstacles that prevent a company from leaving an industry, even when the business is
natural monopoly
A natural monopoly occurs when a single company can supply the entire market at a lower cost than
monopolistic competition
Monopolistic competition is a market structure where many companies sell products that are similar but not identical. It