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unit 3 vocab

marketing

TermDefinition
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
Created by: jarroyo3762
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