Federal Trade Commission (FTC) Federal agency responsible for
enforcing the principles of a free enterprise system and protecting
consumers from unfair or deceptive business practices.
flextime A program that allows workers to choose their work hours
enumeration listing items in order
generalization a statement that is accepted as true by most
spreadsheet programs Software applications used to organize,
calculate, and analyze numerical data.
desktop publishing programs A software application th
business cycle Recurring changes in economic activity, such as
the expansion and contraction of an economy; expansion, peak,
recession, trough, and recovery
expansion A time when the economy is flourishing; also called
recession A period of ec
advertising form of nonpersonal promotion
direct marketing A type of advertising directed to a targeted group
of potential customer through the mail or through e-mail.
sales promotion all marketing activities
PR Activities that enable an organization to i
competition The struggle between companies to attract new
customers, keep existing ones, and take away customers from
price competition The sale price of a product; the assumption is
that consumers will buy the product with the lowest pri
North American Free Trade Agreement (NAFTA) An international
trade agreement among the United States, Canada, and Mexico.
European Union (EU) European trading bloc
licensing The process of letting another company (licensee) use a
trademark, patent, specia
industry A group of establishments primarily engaged in producing
or handling the same product or group of products or in rendering
the same services.
derived demand The demand for industrial goods based on the
demand for consumer goods and services.
factors of production Economic term for the four categories of
resources: land, labor, capital, and entrepreneurship.
infrastructure The physical development of a country, including its
roads, ports, sanitation facilities, and utilities.
cash-on-delivery (COD) sale A transaction that occurs when a
customer pays for merchandise at the time of delivery.
sales tax A percentage fee placed by the government on the sale
of goods and services.
allowance A partial return of the sale price for mer
standing-room-only close A method of closing a sale that is used
when a product is in short supply or when the price will be going
up in the near future.
direct close A closing method in which a salesperson asks for the
service close A way to close a