| A | B |
|---|
| marketing | the creation and maintenance of satisfying exchange relationships |
| self-sufficient | means you do not rely on others for the things you need to survive |
| bartering | exchanging products or services with others by agreeing on their values |
| specialization of labor | concentrating on one thing or a few related activities |
| money system | established the use of currency as a recognized medium of exchange |
| central market | a location where people bring products to be conveniently exchanged |
| production | function creates or obtains products or services for sale |
| marketing concept | using the need of customers as the primary focus during the planning, production, pricing, distribution, and promotion of products |
| product | anything offered to a market by the business |
| distribution | includes the locations and methods used to make the product available to customers |
| price | the amount that customers pay and the methods of increasing the value |
| promotion | includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction |
| international trade | the sale of products and services to people in other countries and for the consumers in those countries |
| green marketing | consists of marketing activities designed to satisfy customer needs without negatively impacting the environment |
| consumerism | the organized actions of groups of consumers seeking to increase their influence on business practices |
| ethics | are moral principles or values based on honesty and fairness |
| self-regulation | taking personal responsibility for actions |
| scarcity | a result of unlimited wants and needs, combined with limited resources |
| command economy | the government answers the three economic questions |
| free economy | also known as a market economy or capitalism, resources are owned by individuals rather than the government |
| value | an individual view of the worth of a product or service |
| macroeconomics | studies the economic behavior in the economy |
| microeconomics | examines the relationships between individual consumers and producers |
| economic market | all of the consumers who will purchase a particular product or service comprise |
| market price | the point where supply and demand for a product are equal |
