Market Dynamics: Gun Buyback and Price Point

Vocabulary flashcards covering key concepts from the lecture notes about gun buybacks, price points, and audience sampling.

Gun buyback program

A program that allows citizens to exchange firearms for compensation, intended to reduce the number of guns in circulation.

Price point

A specific price at which a transaction is made; in the notes, the price point discussed is $84.

Quantity exchanged at a price point

The number of guns traded at a given price; 1,000 guns at $84 initially; 6,000 guns after police involvement at the same price.

Police involvement

The presence or action of police in the buyback scenario, associated with an increase in guns exchanged at the same price point in the notes.

Audience sampling (iPhone ownership)

A quick check of how many people in the room own iPhones, used to gauge audience technology usage or market share.

Exchanged (in a buyback)

To trade firearms for money or other compensation under a buyback program.