101 Marketing Terms (22-41) Flashcards
Consumer Price Index (CPI)
A measure of inflation which is based on change in the prices of 400 goods and services used by the average urban family
Corporation
A business that is chartered by the state and legally operates apart from the owner(s)
Credit
The opportunity to obtain money, goods, or services immediately in exchange for a promise to pay in the future
Customer
Buys a product
Demand
The amount or quantity of goods and services that consumers are willing and able to buy at various prices
Demographics
Statistics that describe a population in terms of personal characteristics (age, sex, etc.)
Depression
The phase of the business cycle which is a period of prolonged recession
Discretionary Income
Money that is left from a person’s gross income after paying for basic living necessities
Disposable Icome
Money that is left from a person’s gross income after taking out taxes
E-Commerce
Buying and selling goods through the use of electronic means, usually the internet
Economy
System by which a nation decides how to use its resources to produce and distribute goods and services
Elastic Demand
Describes a situation in which a change in the price of a product creates a change in demand for that product
Embargo
A total ban on trading with another country
Entrepreneurship
The process of starting and managing your own business; the skills of people who are willing to risk their time and money to run a business
Equilibrium
The condition that exists when the amount of a product supplied is equal to the demand
