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unit 3 vocab
marketing
Term | Definition |
---|---|
Economy | The system of production and distribution and consumption. The overall measure of a currency system. |
Free market | Any market in which trade is unregulated; an economic system free from government intervention. Allows supply and demand to regulate prices, wages, etc, rather than government. |
Competition | The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion. |
Profit | The excess of total revenues over total costs in a given time period. |
Price Competition |