Shared Flashcard Set

Details

Marketing Essentials
Chapters 3, 4 and 5
71
Marketing
Not Applicable
02/28/2012

Additional Marketing Flashcards

 


 

Cards

Term
Economy/ Economic System
Definition
The organized way a nation provides for the needs and wants of its people.
Term
Resources
Definition
All the things used in producing goods and services.
Term
Factors of Production
Definition
Comprise four categories: Land, Labor, Capital, and Entrepreneurship.
Term
Infrastructure
Definition
The physical development of a country.
Term
Entrepreneurship
Definition
The skills of people who are willing to invest their time and money to run a business.
Term
Scarcity
Definition
The difference between wants and needs and available resources.
Term
Traditional Economy
Definition
Traditions and rituals answer the basic questions of what, how, and for whom.
Term
Market Economy
Definition
There is NO government involvement in economic decisions.
Term
Command Economy
Definition
A system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed.
Term
Mixed Economies
Definition
No economy is purely a traditional, market, or command economy. Every economy has influences that make it at least somewhat mixed.
Term
Capitalism
Definition
A political and economic philosophy characterized by marketplace competition and private ownership of businesses.
Term
Communism
Definition
A social, political, and economic philosophy in which the government, usually authoritarian, controls the factors of production.
Term
Socialism
Definition

Originally: A system on its way to the communist ideal of a classless society.

Today: Have democratic political institutions.

 

Term
Productivity
Definition
Output per worker hour that is measured over a defined period of time, such as a week, month, or year.
Term
Gross Domestic Product (GDP)
Definition
The output of goods and services produced by labor and property located within a country.
Term
Gross National Product (GNP)
Definition
The total dollar value of goods and services produced by a nation, including goods and services produced abroad by U.S. citizens and companies.
Term
Inflation
Definition
Rising prices.
Term
Consumer Price Index (CPI)
Definition
Measures the change in price over a period of time of some 400 specific retail goods and services used by the average urban household.
Term
Producer Price Index (PPI)
Definition
Measures wholesale price levels in the economy.
Term
Business cycle
Definition
Recurring changes in economic activity.
Term
Expansion
Definition
A time when the economy is flourishing, sometimes reffered to as a periodof prosperity.
Term
Recession
Definition
A period of economic slowdown that lasts for atleast two quarters, or six months, according to financial experts.
Term
Depression
Definition
A period of prolonged recession.
Term
Recovery
Definition
The term used to signify a period of renewed economic growth following a recession or depression.
Term
International Trade
Definition
The exchange of goods and services among nations.
Term
Imports
Definition
Goods and services purchased from other countries.
Term
Exports
Definition
Goods and services sold to other countries.
Term
Absolute Advantage
Definition
When a country has natural resources or talents that allow it to produce an item at the lowest cost possible.
Term
Comparative Advantage
Definition
The value that a nation gains by selling what it produces most efficiently.
Term
Balance of Trade
Definition

A positive balance of trade: When a nation exports ,ore than it imports.

A negative balance of trade: When a nation imports more than it exports.

Term
Free Trade
Definition
Commericial exchange between nations that is conducted on free market principles, without restrictive regulations.
Term
Tariff
Definition
A tax on imports.
Term
Quota
Definition
Limits either the quantity or the monetary value of a product that may be imported.
Term
Embargo
Definition
A total ban on specific goods coming into and leaving a country.
Term
Protectionism
Definition
A government's establishment of economic policies that systemically restrict imports in order to protect domestic industries.
Term
World Trade Organization (WTO)
Definition
A coalition of nations that makes rules governing international trade.
Term
North American Free Trade Agreement (NAFTA)
Definition
An international trade agreement among the U.S. canada and mexico.
Term
Licensing
Definition
Letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectua property for a fee or royalty.
Term
Contract Manufacturing
Definition
Hiring a foreign manufacturer to make your products, according to your specifications.
Term
Joint Venture
Definition
A business enterprise that companies set up together.
Term
Foreign Direct Investment (FDI)
Definition
The establishment of a business in a foreign country.
Term
Multinationals
Definition
Midsize or smaller companies that have operations in foreign countries.
Term
Globalization
Definition
Selling the same product and using the same promotion methods in all countries.
Term
Adaptation
Definition
A company's use of an existing product and/or promotion to which changes are made to better suit the characteristics of a country or region.
Term
Customization
Definition
Creating specially designed products or promotions for certain countries or regions.
Term
Free Enterprise System
Definition
Ecourages individuals to start amd operate their own businesses in a competetive system, without government involvement.
Term
Patent
Definition
One of the Intellectual property rights.
Term
Trademark
Definition
A word, name, symbol, sound, or color that identifies a good or service and that cannot be used by anyone but the owner.
Term
Copyright
Definition
Involves anything that is authored by an individual, such as writings (books, magazine articles, etc.), music, and artwork.
Term
Competetion
Definition
The struggle for customers.
Term
Price competition
Definition
Focuses on the sale price of a product.
Term
Nonprice Competition
Definition
Businesses choose to compete on the basis of factors that are not related to price.
Term
Monopoly
Definition
Exclusive control over a product or the means of producing it.
Term
Business risk
Definition
The potential for loss or failure.
Term
Profit
Definition
The money earned from conducting business after all costs and expenses have been paid.
Term
Supply
Definition
The amount goods producers are willing to make and sell.
Term
Demand
Definition
Consumer willingness and ability to buy products.
Term
Domestic Business
Definition
A business that sells its products only in its own country.
Term
Global Business
Definition
Sells its products in more than one country.
Term
For-Profit Business
Definition
Seeks to make a profit from its operations.
Term
Nonprofit Organization
Definition
Functions like a business but uses the money it makes to fund the cause identifies in its charter.
Term
Public Sector
Definition
Government-financed agencies.
Term
Private Sector
Definition
Businesses not associated with government agencies.
Term
Industry
Definition
Consists of a group of establishments primarily engaged in producing or handling the same product or group of products or in rednering the same services.
Term
Derived Demand
Definition
Based on or derived from, the demand for consumer goods and services.
Term
Wholesalers
Definition
Obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers.
Term
Retailers
Definition
Buy goods from wholesalers or directly from manufacturers and resell them to the consumer.
Term
Production
Definition
The process of creating, expanding, manufacturing, or improving on goods and services.
Term
Management
Definition
The process of achieving company goals by effective use of resources through planning, organizing, and controlling.
Term
Finance
Definition
The function of business that involves money management.
Term
Accounting
Definition
The discipline that keeps track of a company's financial situation.
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