Capital- The products and money used in the production of goods and
Choices- Decisions among the alternatives
Market place- is anywhere that goods and services exchange hands.
Communism- the Soviet Union operated under a comman
Marketing- is the process of planning and executing the conception, pricing,
promotion and distribution of ideas for good and services
Target market-is a specific group of consumers that have similar wants and
Marketing mix-is the blending of four m
Selling price- is the price paid by customers for the product
Markdown-is a reduction from original selling price
Gross margin-the difference between the selling price and the product cost
Profit- money available after cost and expenses have been paid
Intangible- services hace no physical for
Inseparable- they are consumed at the same time they are produced
Perishable- meaning that acailability of service must match the demand for
that service at a specific time
Price- money a customer must pay for a p
Characteristics of supervisions: first level of management, responsible for
the routine work of a group employees, evaluate the work of the employees
and implement plans set forth by executives and mid- managers.
The management style is the way a manager
Management- is the process of accomplishing the goals of an organization
through the effective use of people and other resources.
The 5 functions of management are
The planning function involves anal
Domestic VS. Foreign Business
Domestic business is the making, buying, and selling of goods and
services in a country.
Foreign Business is business activities needed for creating, shipping and
selling goods and services across international borders.
Exchange Rates- The value of currency in one country compared with the
value in another
Balance of Payments- rate rises when there is a favorable balance
Economic conditions- inflation and high interest reduce buying power
Political Stability- Businessess
Domestic Business- is the making buying and selling of goods and services
within a country
International business- refers to business activites needed for creating,
shipping, and selling goods and services across nation boards
Benefits- are something part of compensations packages provided by
employers for employees.
Downsizing- is a planned reduced in the number of employees needed in a
firm in order to reduce cost and make the business more efficient
Commission- is which an e