Term
| Gross Domestic Product (GDP) (123) |
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Definition
| The total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country |
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Term
| Population Trends in U.S. Consumer Market (129-135) |
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Definition
| Includes population growth rates, as well as birthrates, and the shift from rural to urban areas. Important to consider these when making marketing decisions (ie, when the birthrate has been low, people will want more apartments or smaller homes because they have fewer children) |
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Term
| Household Composition Trends (132) |
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Definition
Involves changes in the types of families or groups of people living in different households.
Includes factors such as more single parent homes, unmarried couples living together, people marrying later in life, more single person households, etc. |
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Term
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Definition
| Income that is left after taxes |
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Term
| Discretionary Income (138) |
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Definition
| What is left of disposable income after paying for necessities |
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