Economic Systems
Economic system in which basic economic activity stems from ritual, habit, or custom.
What is traditional economy?
Place, product, price, promotion
What are the 4 P's of marketing?
an entity formed for the purpose of carrying on commercial enterprise.
what is Business Organizations
The amount of product available to customers
What is supply?
Land, labor, and capital
What are the factors of production?
Economic system in which basic economic decisions are made by a central authority.
What is a command economy?
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
What is marketing?
A business owned and managed by a single individual.
What is Sole Proprietorship.
A customer's willingness to purchase a product
What is demand?
Excess quantity demanded for a country is equivalent to a nation's...
What is export?
Economic system in which basic decisions are made by people and firms acting in their own best interest.
What is a market economy.
Any item that can be physically touched, moved, seen or picked up
What is a tangible good?
A business organization owned by two or more persons who agree on a specific division of responsibility.
What is Partnership.
Demand higher than production
What is shortage?
Quantity demanded moves along the demand curve in response to changes in
What is price?
Political and economic system in which the factors of production are owned and controlled collectively by the state
What is socialism?
People that a business want to sell to
What is target audience?
A legal entity, or being, owned by individual stockholders, each whom faces limited liability for the firm's debts.
What is Corporation.
Production is greater than demand.
What is surplus?
Amount of money spent to buy something.
An Economic System the Capitalist approach, but approve of running your business without the government
What is Free Enterprise System
Statistics about age, gender, income, ethnicity, education, occupation
What is demographics?
A right to sell a good or service within an exclusive market.
What is Franchise.
Cost that a business incurs even if there is little or no activity
What is fixed cost?
Interest paid on any accumulated interest as well as on the amount saved.
What is compound interest?