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Economic Dynamism
Economic dynamism is the rate and direction of change in an economy. This can include activities like the rate of new business formation, the frequency of labor market turnover, and the geographic mobility of the workforce. Economists disagree on the usefulness of the term, with some calling it too ambiguous, and with others calling it useful to understand the degree of churn in the economy. Proponents of the term note that it can describe an economy's ability to adapt to changing circumstances, such as changing consumer demands or the availability of resources. Some experts correlate economic dynamism with the rate of business start-ups. Rates of consumers changing banking or telecommunications service providers, especially as limited by switching barriers Switching costs or switching barriers are terms used in microeconomics, strategic management, and marketing. They may be defined as the disadvantages or expenses consumers feel they experience, along with the economic and psycholo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Switching Barriers
Switching costs or switching barriers are terms used in microeconomics, strategic management, and marketing. They may be defined as the disadvantages or expenses consumers feel they experience, along with the economic and psychological costs of switching from one alternative to another. For example, when telephone service providers also offer Internet access as a package deal they are adding value to their service. A barrier to switching is then formed as swapping internet services providers is a time consuming effort. There are a range of different switching costs that fall under three main categories: procedural switching barriers, financial switching barriers, and relational switching barriers. Procedural switching barriers refer to the time and resources associated with changing to a new provider; financial switching barriers refer to the loss of financially measurable resources; and relational switching barriers look at the emotional inconvenience from the breaking of bonds and l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |