| A | B |
|---|
| Business Cycle | The fluctuations in the economy over periods of several years. |
| Capital | The money needed to start and operate a business |
| Competition | A rivalry between two or more businesses to gain sales. |
| Consumer goods | products useful to consumers. |
| Consumers | People who use products |
| convenience goods | emergency items, impulse, or staple items |
| customers | people who buy products |
| demand | the amount of goods consumers are willing to buy |
| direct competition | competition between 2 or more retailers that utilize the same business format |
| indirect competition | competition between 2 or more retailers that employ different types of businesses |
| industrial goods | products used by businesses |
| inelastic demand | changes in the price of the product that have very little effect on the demand |
| information utility | communication about a product |
| monopoly | only one company that offers goods or services for sale and has control over prices |
| utility | usefulness of a good or service |
| time utility | usefulness provided by having a product when it is needed |
| speciality goods | goods for which the consumer has a preference |
