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Fash Mark Ch 3

Vocab words

TermDefinition
primary market business that grow and produce raw materials that become fashion apparel and accessories
secondary market the industry segment which includes the businesses that transform the raw materials into fashion
tertiary market the industry segment that includes retail businesses such as stores
retailing the selling of products to consumers
sole proprietorship business owned and operated by one person
partnership business created through a legal agreement between two or more people who are jointly responsible for the success or failure of the business
corporation a business that is chartered by a state and legally operates apart from the owner or owners
risk the possibility that a loss can occur as the result of a business decision or activity
risk management a strategy to offset business risks
globalization the increasing integration of the world economy
imports goods that come into the country from foreign sources or goods that a country buys from other countries
exports goods that a country sends to a foreign source or goods that a country sells to other countries
balance of trade the relationship between a country's imports and exports
supply the quantity of product offered for sale at all possible prices
demand the consumers' willingness and ability to buy and/or use products
profit the money a business makes after all costs and expenses are paid
trade quotas restrictions on the quantity of a particular good or service that a country is allowed to sell or trade
Created by: Mrs. Ann Kidwell
Popular Marketing sets

 

 



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