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xxx terms
Absolute
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cost advantage
At any given level of quantity produced, the incumbent firm has lower costs of production than the new firm. This is due to extra knowledge gained over time, endowment of natural rights, possession of patents, cost of capital to new firms and many other factors.
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Traders, merchants or storeowners who tend to sell to consumers and other end users. Retailers usually sell in smaller volumes than wholesalers; their average transaction size is smaller.
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Seasonal arbitrage
Also, Temporal Arbitrage
Taking advantage of the price differential over time, usually over the agricultural season. The differential must exceed all costs associated with handling and storing the commodity.
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Source
The country where goods originated.
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Spatial arbitrage
Taking advantage of the price differential across locations or markets. The differential must exceed all costs in moving the commodity from one location or market to another. A simple measure of potential spatial arbitrage is the difference between the prices observed for the same product in two different locations.
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Speculators
People who buy contracts to buy and/or sell commodities/stocks for profit without physically moving or storing the commodities/stocks.
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Spot markets
Physical markets in which farmers and traders converge to buy and sell products at a given period of time.
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Standard of living
A level of material comfort as measured by the goods, services, and luxuries available to an individual, group, or nation. The standard of living can also capture broader aspects of well‐being or the quality of life such as health, education, etc.
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Static analysis of margins
An analysis of the composition/structure of marketing margins at any one point in time.
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Structure
refers to the number and size distribution of buyers and sellers, the degree of product differentiation and the ease of entry of new firms into an industry.
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Structure‐Conduct‐Performance
Also, SCP
A framework or an approach to market analysis that is based on the premise that the structure of a market influences the conduct of its participants (buyers, sellers and other participants), which, in turn, influences the performance of markets.
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Substitute good
Also Substitute Commodity
A commodity that can replace another in consumption or production such as millet for sorghum. When the price of one commodity rises, consumers will decrease their consumption of it and increase consumption of the substitute commodity. Wild and gathered products can be substitutes.
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Supply chain
The series of production, transformation and transfer activities/functions that start with raw material and natural resources and ultimately provide a product for sale to a consumer.
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Supply chain level
A segment of the supply chain, comprising of a specific activity or a small set of specific activities (e.g. packaging and storage).
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Supply curve
The relationship between the price of a commodity and the quantity that sellers are willing or able to sell, with all other things being equal. For most commodities, there is a direct relationship between price and quantity supplied: a rise in price is associated with a rise in quantity supplied.
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Surplus areas
Areas that produce in excess of that demanded locally and therefore can provision other areas.
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Technological progress
A process of coming up with better technologies for producing goods and services. Refers to the extent to which farmers and other food system or sub‐sector participants adapt improved technical, management, and institutional innovations which enhance productivity and profitability. In the marketing channel, this could involve improvements in storage, packaging, and reduction in post‐harvest loses.
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Temporal arbitrage
See Seasonal Arbitrage.
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Terms of trade (ToT)
The rate at which one good or service can be exchanged for another and is typically expressed as a ratio.
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Transaction costs
The costs associated with conducting a transaction. This includes all time, effort, and cash expenses other than an item’s price, such as gathering information about the market and market opportunities, enforcing agreements, formal and informal commissions and fees, and physically moving the product from seller to buyer.
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Unit elastic
A commodity for which the percentage change in the quantity supplied or demanded is equal to the percentage change in price.