| A | B |
|---|
| Business Cycle | Fluctuations in the level of economic activity that occur with some regularity over a period of time. |
| competition | Rivalry between two or more independent businesses to gain as much of the total market sales, or customer acceptance, as possible |
| consumers | People who buy and use finished products |
| goods | Physical products that are made by manufacturers |
| marketing | The process of finding or creating a profitable market for specific goods or services |
| merchandising | The process through which products are obtained (designed, developed, or presented for resale) and promoted to the point of sale, trying to match those products to established market requirements to make a profit. |
| profit | Money left over after expenses and taxes have been deducted from what was received from the company’s sales. |
| resources | Industrial materials and manufacturing capabilities |
| services | Intangible activities or benefits that are performed and have value |
| target market | The block of consumers that a company wants as customers and toward whom it directs its marketing efforts. |
| Goods | tangible products |
| Monopoly | Companies with products to sell that can charge any price and sell to anyone willing to pay that price |
| Sole-proprietorship | owned by just one person; but many employees |
| Partnership | owned by two or more people |
| Fashion Products | These are less necessary than many other products so they are affected more strongly by recessions and expansions |
| Retailers | sell merchandise in small quantities to consumers |
| free-market system | people freely choose what to buy in the marketplace |
| competition | Profits per item sold are lower, products tend to be of higher quality and more innovative, prices for similar products are lower for customers |
| standard of living | the way people live, based on the kinds and quality of goods and services they can afford |
| oligopolies | a few large rival firms producing competitive products, firms that dominate the market for a product and usually react to one another's actions; difficulty of entering and exiting the industry |
| continuum | sliding scale from one extreme to another with infinite different points along it |
| Unlimited personal liability | responsibility for the business’s debts and obligations |
| Partnerships | are not incorporated, have higher profit potential, could have conflict and lack of clear-cut managment responsibilities |
| Consumer confidence | is a feeling of certainty by consumers to spend their money |
| Merchandising | varying degrees of planning, buying, and selling |
| manufacturers | Companies that make goods |
| demand | The term describing the amounts of products that consumers are willing and able to buy at a certain time |
| distribution | The term describing the ways to physically move products for availability to potential customers |
| marketing triangle | the relationship of price to quantity expected to be sold at that price; where the highest total profit is located for certain prices and quantities; products with lower prices will sell in larger quantities than products with hight prices |
