Goods/Services produced by a company and offered for sale
What is a Product?
100
A specific consumer group a business wants to reach
What is target market
100
Money paid to purchase buildings, tools, and machines, to create goods and services.
What is Capital Investments
100
labor (# of workers)
What is variable cost
200
Process of changing resources into goods to satisfy the needs or wants of customers
What is Production?
200
Something of value that serves a need
What is resources?
200
Product, Price, place, and promotion
What is the four P's of production?
200
Voluntary effort to improve the well-being of humankind through money, materials, or time.
What is charitable giving
200
loan amount/ rent
What is Fixed cost
300
Income from sales equals cost
What is Break-even point?
300
Characteristics of human populations and population segments especially when used to identify consumer markets
What is Demographics
300
Gathering and evaluating data regarding consumers preferences for products and services
What is Market research
300
The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants.
What is scarcity
300
Halo-Generator
What is a Product
400
Costs that remain the same no matter how much of a product is produced
What is Fixed Costs?
400
The investigation into developing new or improved products, and processes, and services
What is research and development
400
Increasing amounts of variable resources crowd fixed resources, resulting in reduced production
What is law of diminishing returns
400
The situation resulting when the quantity supplied exceeds the quantity demanded of a good or service, usually because the price is for some reason below the equilibrium price in the market.
What is Surplus
400
Coca-cola and Pepsi
What is substitutes
500
Costs that change with the amount or speed of production
What is Variable costs?
500
The progression of a product from its introduction into the market through its growth, maturity, and decline
What is Product life cycle
500
The process of planning and executing the conception, pricing, distribution, and promotion, of a product
What is marketing
500
The situation resulting when the quantity demanded exceeds the quantity supplied of a good or service, usually because the price is for some reason below the equilibrium price in the market.