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Marketing & Economy
| Term | Definition |
|---|---|
| Economy | The organized way a nation provides for the needs and wants of its people. |
| Resources | Are all the things used in producing goods and services. |
| Factors of Prodiction | Land, labor, capital, and entrepreneurship. |
| Land | Includes everything contained in the earth or found in the seas. |
| Labor | Refers to all the people who work. |
| Capital | Includes money to start and operate a business. |
| Entrepreneurship | Rrefers to the skills of people who are willing to invest their time and money to run a business. |
| Infrastructure | The physical development of a country. |
| Scarcity | The difference between wants and needs and available resources. |
| Traditional Economy | Traditions and rituals answer the basic questions of what, how, and for whom. |
| Market Economy | There is no government involvement in economic decisions. |
| Command Economy | A system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed. |
| Productivity | Output per worker hour that is measured over a defined period of time, such as a week, month, or year. |
| GDP | The output of goods and services produced by labor and property located within the country. |
| Inflation | Refers to rising prices. |
| Consumer Price Index | Measures wholesale price levels in the economy. |
| Business Cycle | These recurring changes in economic activity. The business cycle includes the following key phases: expansion, recession, trough, and recovery, at which time expansion begins again. |
| Expansion | A time when the economy is flourishing, sometimes referred to as a period of prosperity. |
| Recession | A period of economic slowdown that lasts for at least two quarters, or six months, according to financial experts. |
| Depression | A period of prolonged recession. |
| Trough | When the economy reaches its lowest point in a recession, after which economic activity begins to rise. |
| Recovery | The term used to signify a period of renewed economic growth following a recession or depression. |
| International Trade | The exchange of goods and services among nations. |
| Imports | Goods and services purchased from other countries. |
| Balance of Trade | The difference in value between exports and imports of a nation. |
| Free Trade | Commercial exchange between nations that is conducted on free market principles, without restrictive regulations. |
| Tariff | A tax on imports. |
| Quota | Limits either the quantity or the monetary value of a product that may be imported. |
| Embargo | A total ban on specific goods coming into and leaving a country. |
| Protecsionism | A government's establishment of economic policies that systematically restrict imports in order to protect domestic industries. |
| World Trade Organiztion (WTO) | A coalition of nations that makes rules governing international trade. |
| North American Free Trade Agreement (NAFTA) | An international trade agreement among the United States, Canada, and Mexico. |
| European Union (EU) | Is European's trading bloc. |
| Importing | Involves purchasing goods from a foreign country. |
| Exporting | A domestic company that wishes to enter the global marketplace with minimal risk and control. |
| Licensing | Involves letting another company use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty. |
| Contract Manufacturing | Popular as emerging countries offer facilities, know-how, and inexpensive labor. |
| Joint Venture | A business enterprise that companies set up together. |
| Foreign Direct Ivenstment (FDI) | The establishment of a business in a foreign country. |
| Globalization | Selling the same product and using the same promotion methods in all countries. |
| Product Adaptation | Changing a product to meet different consumer needs and/or to reflect the cultural differences in a foreign market. |
| Customization | Involves creating specially designed products or promotions for certain countries or regions. |
| Free Enterprise System | Encourages individuals to start and operate their own businesses in a competitive system, without government involvement. |
| Patent | An invention, you alone own the rights to that item or idea. |
| Trademark | A word, name, symbol, sound, or color that identifies a good or service and that cannot be used by anyone but the owner. |
| Copyright | Involves anything that is authored by an individual, such as writings, music, and artwork. |
| Competition | Businesses that operate in a free enterprise system try to attract new customers and keep old ones. Other businesses try to take those same customers away. |
| Business Risk | The potential for loss or failure. As the potential for earnings gets greater, so does the risk. |
| Profit | Is the money earned from conducting business after all costs and expenses have been paid. Profit is often misunderstood. |
| Supply | Is the amount of goods producers are willing to make and sell. |
| Demand | Refers to consumer willingness and ability to buy products. |
| Surpluses | Of goods occur when supply exceeds demand. |
| Shortages | When demand exceeds supply. |
| Equilibrium | When the amount of a product being supplied is equal to the amount being demanded. |
| Domestic Business | A business that sells its products only in its own country |
| Global Business | Sells its products in more than one country. |
| For-Profit Business | Seeks to make a profit from its operations. |
| Nonprofit Organization | Functions like a business but uses the money it makes to fund the cause identified in its charter. |
| Public Sector | Government-financed agencies. |
| Private Sector | Businesses not associated with government agencies. |
| Industry | A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services. |
| Derived Demand | The industrial market is based on, or derived from, the demand for consumer goods and services. |
| Wholesalers | Obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers. |
| Retailers | Buy goods from wholesalers or directly from manufacturers and resell them to the consumer. |
| Management | The process of achieving company goals by effective use of resources through planning, organizing, and controlling. |
| Accounting | The discipline that keeps track of a company's financial situation. |
Created by:
Melia.H
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