Shared Flashcard Set

Details

Quiz Bowl
Marketing/Economics
40
Marketing
12th Grade
02/16/2011

Additional Marketing Flashcards

 


 

Cards

Term
Capitalism
Definition
economic system characterized by private ownership and competition in the marketplace
Term
scarcity
Definition
basic economic problem; difference between unlimited wants and limited resources
Term
Communism
Definition
economic system in which a single party controls the government and resources
Term
sole proprietorship
Definition
business owned and operated by one person
Term
E-Commerce
Definition
buying and selling goods through use of electronic means
Term
absolute advantage
Definition
when a country has special resources or talents allowing it to produce an item at the lowest possible cost
Term
inelastic demand
Definition
change in price does NOT create a change in demand
Term
agents
Definition
intermediaries who bring buyers & sellers together, but do not take goods
Term
elastic demand
Definition
change in price of a product creates a change in demand
Term
approach
Definition
making initial contact with a customer
Term
balance of trade
Definition
difference in value of imports and exports
Term
balance sheet
Definition
summary of a businesses assets/liabilities and owners' equity
Term
benefits
Definition
privileges beyond salary or wages
Term
break-even point
Definition
where revenue equals cost & expenses of making/distributing a product
Term
storefront
Definition
exterior of a business including entrances, display windows, marquee and physical building make up
Term
businesss cycle
Definition
continuous slowdown and growth of the economy
Term
secondary data
Definition
facts already collected for another purpose but are referred to as a resource
Term
capital
Definition
goods used in production process; money needed to start a business
Term
secondary data
Definition
facts already collected for another purpose but are referred to as a resource
Term
cash flow statement
Definition
monthly play that shows incoming and outgoing cash
Term
comparative advantage
Definition
value a nation gains by selling good it produces most efficiently
Term
consumer price index
Definition
measure of inflation based on prices of goods and services used by average family
Term
credit
Definition
opportunity to obtain money, goods or services immediately by promising to pay later
Term
depression
Definition
phase of business cycle; prolonged recession
Term
discretionary income
Definition
money left after paying for living necessities (able to spend on anything)
Term
disposable income
Definition
money left after taking out taxes (still have to pay for living necessities)
Term
embargo
Definition
total ban on trading with another country
Term
net income
Definition
value determined by suptracting expenses from gross profit
Term
parliamentary procedure
Definition
orderly process used to facilitate a professional business meeting
Term
quota
Definition
limits monetary value or quantity of goods that may be imported
Term
recession
Definition
period of economic slowdown that last at least 6 months
Term
recovery
Definition
period of noticeable increase in economic activity
Term
prosperity
Definition
phase of business cycle when economy is flourishing
Term
marketing
Definition
process of developing, promoting and distributing products to satisfy customer needs and wants
Term
warranty
Definition
promise that a product will meet certain standards
Term
stock turnover
Definition
number of times the average inventory has been sold and replaced in a given time
Term
stockholders
Definition
people who own a corporation
Term
tariff
Definition
tax on imports
Term
store layout
Definition
how floor space is allocated to serve customers
Term
wholesalers
Definition
obtain products from manufacturers and sell them in bulk to other wholesalers or retailers
Supporting users have an ad free experience!