Ch.1-2
Wants
Things that are not necessary for survival but that add comfort and pleasure to our lives.
Supply
Make available to someone; provide
Base Year
the first of a series of years in an economic or financial index
Leadership
The person who leads or commands
Buying Motives
represent the reasons why people buy products and services, regardless of the size or price
Competition
the activity or condition or condition of competing
Demand
an economic concept that relates to a consumers desire to purchase goods and services and willingness to pay a specified price for them
Prosperity
a country’s economic growth, security, and competitiveness.
Leadership style
The approach of leading by a leader
Direct Channel of Distribution
one where a company sells directly to the end consumer
Basic economic problem
The problem which faces individuals, businesses, and governments of satisfying unlimited wants with limited resources
Standard of living
the degree of wealth and material comfort available to a person or community
Business Cycle
intervals of general expansion followed by a recession in economic performance
Expert influence
The ability to share a policy decision in line with its knowledge based preferences
Channel of Distribution
the method a company uses to get a product or service into the hands of a consumer as quickly and efficiently as possible.
Custom based economy
Traditional economies are those in which customs and traditions are more important than money
Labor production
measure of economic performance that compares the amount of output with the amount of labor used to produce that output
Gross Domestic Product
The standard measure of the value added created through the production of goods and services in a country during a certain period.
Human relations
Relations between people the treatment of people in a professional context
Marketing Strategy
a long-term plan for achieving a company's goals by understanding the needs of customers and creating a distinct and sustainable competitive advantage
Directed or planned economy
an economy in which the resources are owned and controlled by the government
What is the purpose of a business introduction
The purpose of business introduction is to help young kids learn and get into business.
What are 4 important phases in a business
prosperity, recession, depression, and recovery
Reward influence
the power of a manager to confer rewards on employees
Marking Functions
a role which helps a company to identify and source potentially successful products for the marketplace they operate on and then promote them by differentiating them from similar products