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Marketing Essentials
Economics/3-5
67
Marketing
12th Grade
12/02/2011

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Term
Economy
Definition
The organized way of a nation provides for the needs and wants of it's people.
Term
Resources
Definition
All the things used in producing goods and services.
Term
Factors of Production
Definition
Talk about resource, Compromises the four catagories:Land, Labor, Capital, and Entrepeneurship
Term
Land
Definition
Includes everything contained in the earth or found in the seas. Such as coal and crude oil, trees and plants, etc...
Term
Labor
Definition
Refers to all the people who work. Including full- and part-time workers, managers, and proffesionals.
Term
Capital
Definition
Include money to start and operate a bussiness.
Term
Entrepeneurship
Definition
Refers to the skills of people who are willing to invest their time and money to run a business.
Term
Scarcity
Definition
A term that originally reffered to a system on it's way to the communist ideal of a classless society.
Term
Traditional Economies
Definition
Traditions and rituals answer the basic questions of what, how, and for whom.
Term
Market Economies
Definition
No government involvement in economic decisions.
Term
Command Economies
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
Productivity
Definition
Is output per worker hour that is measured over a defined period of time.
Term
Gross Domestic Product (GDP)
Definition
The output of goods and services produced by labor and property located within a country.
Term
Gross National Pay (GNP)
Definition
The total dollar value of goods and services produced by a nation.
Term
Inflation
Definition
A period of rising prices.
Term
Consumer Price Index
Definition
Measures the change in price over a period of time.
Term
Producer Price Index (PDI)
Definition
Measures whole sale price levels in the economy.
Term
Business Cycle
Definition
Changes in economic activity. Includes the following key phrases: Expansion, Recession, Trough, and Recovery.
Term
Expansion
Definition
A time when the economy is flourishing.
Term
Recession
Definition
A period of economic slowdown.
Term
Depression
Definition
A period of prologned recession.
Term
Recovery
Definition
The term to signify a period of renewed economic growth.
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
Balance of Trade
Definition
The difference in value between exports and imports of a nation.
Term
Tariff
Definition
A tax on imports.
Term
Quota
Definition
Limits either the quantity or the monetary value of the 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 systematically 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 (NAFTA)
Definition
An international trade agreement among the United States, Canada, and Mexico.
Term
European Union (EU)
Definition
Europe's trading bloc.
Term
Liscensing
Definition
Involves letting another company use a trademark, patent, special formula, conpany name, or some other intellectual property for a fee or royalty.
Term
Contract Manufacturing
Definition
Involves hiring a foreign manufacturer to make your products.
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
Large corporations that have operations in several countries.
Term
Mini-nationals
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
Adaption
Definition
A company's use of an existing product and/or promotion to which changes are made to better suit the characteristics or a country or region.
Term
Customization
Definition
Involves creating specially designed products or promotions for certain countries or region.
Term
Free Enterprise System
Definition
Encourages individuals to start and operate their own business in a competitive system, without government involvement.
Term
Patent
Definition
Having the rights to own the item you invented.
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 authorized by an individual, such as writing, music, and artwork.
Term
Competition
Definition
Struggles for customers.
Term
Price Competition
Definition
Focuses on the sale price of a product.
Term
Noneprice Comopetition
Definition
Business choose to compete on the basis of factors that are not related to price.
Term
Monopoly
Definition
Exclusive control over a productor the means of producing it.
Term
Business Risk
Definition
The potential for loss or failure.
Term
Profit
Definition
The money earned after all costs and expenses have been paid.
Term
Supply
Definition
The amount of goods producers are willing to make and sell.
Term
Demand
Definition
Refers to consumer who is willing and has the ability to buy the product.
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
Public Sectors
Definition
Businesses associated with the government-financed agencies.
Term
Private Sectors
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.
Term
Derived Demand
Definition
The demand for industrial goods.
Term
Wholesalers
Definition
Obtain goods from manufactures and resell them to industrial users, other wholesalers, and retailers.
Term
Retailers
Definition
Buy goods from wholesalers or directly from manufactures and resell them to consumers.
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 managment.
Term
Accounting
Definition
The discipline that keeps track of a company's financial situation.
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