Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
|
Producer |
A person, company or country that makes, grows or supplies goods or commodities for sale |
|
|
Extractor |
A company or country that removes raw materials from the ground or sea in order to sell them |
|
|
Primary Manufacturers |
|
|
|
Secondary Manufacturers |
|
|
|
Processors |
|
|
|
Consumers |
A person who purchases goods and services for personal use |
|
|
Channels of Distribution |
The path through which a good or service passes through until it reaches the end consumer |
|
|
Normal Channel of Distribution |
Producer -> Wholesaler -> Retail -> Ultimate Consumer Inexpensive and frequently bought |
|
|
Middle Channel of Distribution |
Producer -> Retail -> Ultimate Consumer Medium priced; Limited shelf life |
|
|
Direct Channel of Distribution |
Producer -> Ultimate Consumer Expensive; Personal; Technical, custom, specialty |
|
|
Integrated Channel of Distribution |
|
|
|
Barter System |
An old method of exchange; People exchanged services and goods for other services and goods in return |
|
|
Mercantilism |
The theory that trade generates wealth and the main goal is to increase a nation's wealth by imposing government regulations |
|
|
Free Trade |
The unrestricted purchase and sale of goods and services between countries without constraints such as tariffs, quotas and duties |
|
|
Niche |
A portion of a market that has been identified with a special characteristic which makes them worth marketing to |
|
|
Marketing |
The action or business of promoting and selling products or services |
|
|
Free Enterprise System |
The freedom of businesses to operate competitively for profit with minimal government regulations |
|
|
Modified Free Enterprise System |
An economic system which has the freedom to operate competitively for profit but has government interference to prevent monopolies |
|
|
Operating Expenses |
Costs associated with a company's main operating activities (i.e. wages for employees) |
|
|
Economy of Scale |
The cost advantage that arises with increased output of a product |
|
|
Monopoly |
A situation in which a single company or group owns all or nearly all of the market for a given type of product or service |
|
|
Factors of Production |
Inputs that are used in the production of goods or services in the attempt to make economical profit (LAND, LABOUR, CAPITAL AND ENTREPRENEURSHIP) |
|
|
Demographics |
Statistical data relating to the population and particular groups within it |
|
|
Competition |
Rivalry among sellers trying to achieve goals such as increasing profit, market share and sales volume |
