Marketing
The total of all sales during a given time period.
What is gross sales?
This is an economic and political philosophy where the government owns all of the industry and provides for its people.
What is communism?
The amount of money made after costs and expenses have been covered.
What is a profit?
People who create, start and manage new businesses.
What is an entrepreneur?
An agreement with a company to use their name and sell their products in a given area.
What is a franchise?
This is the amount of an item that the producers are willing to produce and sell at a given price.
What is supply?
These are intangible items of monetary value. Examples of economic services include: haircut, shoe shine or house cleaning.
What is economic services?
Refers to the standard guidelines used in financial accounting.
What is GAAP (Generally Accepted Accounting Practices)
These include all resources that are from the land, sea or air. These are considered raw materials.
What is land?
This includes state and federal statues that protect the environment, wildlife, land, water and prevent pollution.
What is environmental law?
When a business focuses on factors other than price. These factors include: providing quality products, services and locations.
What is nonprice competition?
These are tangible items of monetary value. Examples of economic goods include: pizza, sneakers, and cars.
What is economic goods?
Money used to make more money.
What is investments?
THis is a law that includes rules and procedures that are regulated by a government agency.
What is administrative law?
This is another term for a market economy, characterized by an individual's right to: private property, freedom of choice, profit, and compeittion.
What is private enterprise?
A written description that includes goals/objectives and how they will be achieved.
What is a project plan?
This refers to the concept of adding value to a product through form, place, time, possession and information.
What is economic utiities?
Expenses that change based on the number of units that are produced are known as this.
What is variable expenses?
Refers to the potential that a business takes for loss or failure.
What is risk?
A place where businesses can show their products to potential clients.
What is trade shows?
The process of planning, pricing, promoting, selling, and distributing products that will satisfy the needs of customers and ensure a profit for the business.
What is marketing?
The government is not involved in business and the economic decisions are made by individuals and companies.
What is a market economy?
Costs not directly related to the production or selling of goods.
What is overhead costs?
This states that with each additional variable input, output increases at a diminishing rate.
What is the Law of Dominising Returns?
Involves managing specific activities of the business.
What is project management?