Definition
Formula or observation accepted (1) generally as practical knowledge based on experience (although not as a scientific law), or (2) uncritically as the way the things or the world works. Also called empirical formula.
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How much power do your suppliers have?
Convincing customers to buy your products is tough enough without suppliers giving you a hard time. Basic rule of thumb: The fewer the number of suppliers, the more sway they have. Take the steel indu ... Read more
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