People who make the goods and perform the services.

The consumer's desire and willingness to buy a product or service at a given period or over time.

Things that add comfort and pleasure to your life

Resources owned and controlled by the people of the country. 1 of the 2 types of economies for the U.S.

Goods and services are produced the way they have always been produced, based on custom and tradition.

The quantity of a good or service that businesses are willing and able to provide

The individual or organization that determines what products and services will be available for sale.

Measure of the amount of output produced by a given amount of inputs. Reflects how efficiently resources are being used.

Resources owned and controlled by the gov People have little influence over basic economic questions. Ex. North Korea

Person who buys and uses goods and services.

Combines elements of the command and market economies.

The private ownership of resources by individuals, rather than the government.

Unlimited wants, limited resources. The demand for a good or service is greater than the availability of the good or service.

A dramatic downturn in economic activity in conjunction with the sharp fall in job and production growth

Marketing Utility: The ability of marketers to aid customers in owning goods.

Marketing Utility: Increased usefulness through storage. Making a product available at the right time

This is a companies detailed a detailed description of your current customers.

Businesses that buy products to use in their operations. Also known as business to business

A company’s percentage of total sales volume generated by all competition in a given market.

The four basic marketing strategies, called the four P's.

This function of marketing is where companies are providing customers with goods and services.

A group of people identified as those most likely to become customers.

Marketing Utility: Increased usefulness through communication. Primarily through promotion.

The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants.

This function of marketing is used for informing, persuading, and reminding customers about a product or service

All consumers who purchase goods and services for personal use

This function of marketing is getting goods to customers

This function of marketing is where companies are charging for goods and services to make a profit.

Marketing Utility: Increased usefulness due to location. Provide product where consumers want it.

This function of marketing is what is used for acquiring money to set up and run a business.

This marketing utility is where companies find ways to increase usefulness through production. Raw material to product.

A measure of the rate of rising prices of goods and services in an economy

When expenses exceed revenue and can indicate the financial health of a country

The number of unemployed people as a percentage of the labor force

When income exceeds expenditures

A quantity of goods or services produced in a specific time period

The total outstanding borrowing of a central government

The sales of durable and nondurable goods bought by consumers

A period between a peak and a tough in the business cycle. Typically we will see a small decline in the economy.

The condition of being successful or thriving; economic well-being

A cycle or series of cycles of economic expansion and contraction

The total value of goods produced and services provided in a country during one year

This is an individual who undertakes the creation, organization, and ownership of a business.

This is the money you have left over after paying for business expenses.

When a company or person sells to another person as their company is in demand due to the success on their business

This is where change will affect the demand for the product or service. Like a sale on food.

This person wants to buy into a successful franchise. Instead of creating their own business.

This is where change in price has NO affect on the demand of a product.

This is a group of companies that are related based on their primary business activities.

This type of business is where you take a successful business and begin opening other locations that people can purchase.