Marketing Chapters 3-4

Front 1

price

Back 1

value of money (or its equivalent) placed on a good or service

Front 2

regulator

Back 2

One, such as the member of a governmental regulatory agency, that ensures compliance with laws, regulations, and established rules

Front 3

monopoly

Back 3

exclusive control over a product or the means of producing it

Front 4

supporter

Back 4

One who promotes or advocates; an adherent

Front 5

Failure

Back 5

concept within economic theory wherein the allocation of goods and services by a free market is not efficient.

Front 6

Nonprice

Back 6

is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship

Front 7

Federal Reserve

Back 7

A U.S. banking system that consists of 12 federal reserve banks, with each one serving member banks in its own district. This system, supervised by the Federal Reserve Board, has broad regulatory powers over the money supply and the credit structure.

Front 8

Ownership

Back 8

Legal right to the possession of a thing.

Front 9

Workers

Back 9

One who does manual or industrial labor.

Front 10

Land

Back 10

the term used for the resources that come from the this

Front 11

Entrepreneurship

Back 11

abilities are needed to improve what we have and to create newgoods and services;one who brings together all the resources of land, labor, and capital that are needed to produce a better product or service; willing to assume the risk of success and failure.

Front 12

Inflation

Back 12

Rising Prices

Front 13

Scarcity

Back 13

condition that exists when peoples wants and needs exceed their resources

Front 14

Socialist

Back 14

describes a political system in which there is increased government involvement in peoples lives and the economy

Front 15

Government

Back 15

Exercise of authority in a political unit; rule.

Front 16

Population

Back 16

All of the people inhabiting a specified area.

Front 17

Productivity

Back 17

output per worker hour

Front 18

Consumers:

Back 18

one that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing.

Front 19

Infrastructure

Back 19

a countries physical development, including the state of its roads, ports, sanitation facilities, and utilities.

Front 20

privatization

Back 20

process of selling government-owned businesses to private individuals

Front 21

resources

Back 21

all the things used in producing goods and services; land,labor,corporation, and entrepreneurship; also called factors of production

Front 22

capitalism

Back 22

economic system characterized by private ownership of businesses and marketplace competition

Front 23

Market Economy

Back 23

Economic system in which the market answers the three basic economic questions without government involvement

Front 24

Totalitarianism

Back 24

Absolute power, especially when exercised unjustly or cruelly

Front 25

Labor

Back 25

general category of the human effort that is used for the production of goods and services.

Front 26

Expansion

Back 26

The phase of the business cycle when the economy moves from a trough to a peak. It is a period when business activity surges and gross domestic product expands until it reaches a peak.

Front 27

Capital

Back 27

goods, such as equipment or processed materials, used in a production process; also, money needed to start and operate a business.

Front 28

Demand

Back 28

consumer willingness and ability to buy products

Front 29

Supply

Back 29

amount of goofs producers are willing to make and sell

Front 30

Risk

Back 30

Potential for loss or failure

Front 31

Profit

Back 31

Money earned from conducting business after all costs and expenses have been paid.

Front 32

Tennessee Valley Authority

Back 32

initially created primarily to manage the Tennessee River's navigation and flood control problems, to encourage reforestation and proper land use, and to foster agricultural and industrial development

Front 33

Equilibrium

Back 33

condition that exists when the amount of product supplied is equal to the amount of product demanded

Front 34

Securities and Exchange Commission

Back 34

A U.S. government agency that supervises the exchange of securities so as to protect investors against malpractice.

Front 35

Federal Trade Commission

Back 35

An independent federal agency whose main goals are to protect consumers and to ensure a strong competitive market by enforcing a variety of consumer protection and antitrust laws. These laws guard against harmful business practices and protect the market from anti-competitive practices such as large mergers and price-fixing conspiracies.