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  KEY TERMS
 

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Occupational mobility
The movement of the factors of production from one type of an economic activity (occupation) to another.

Oligopoly
A market situation dominated by a few large sized firms producing substitutable or differential products, and act as a barrier to new entrants into the industry.

Ordinal utility
A technique to analyze the derived utility of a product after a relative ranking of the goods and services that are consumed.




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