3An example of non price competition is a bookstore that the store owners provide literature seminars to parent and teacher groups, and they create recommended reading lists for classroom use.
4Discretionary incomeThe money left from a person’s gross income after paying for basic necessities such as food, shelter, and clothing.
5An example of Marketing research Is filling out a survey from a business such as a hotel.Possession utilityThe exchange of a product for some monetary value.
6Promotion utilityAny form of communication a business or organization uses to inform, persuade, or remind.ServiceTasks performed for a customer.
7Gross Domestic Product a measure of the goods and services produced using labor and propertyImportsare goods and services purchased from other countries.
8Benefitsare privileges, or monetary payments beyond salary or wages, that go with a job.focuses on the sale price of a product
9Target marketingfocusing all marketing decisions on a very specific group of people who you want to reach.?information about the target market with regard to the age, income level, ethnic
10Tariff is a tax on imports. International Trade is the exchange of goods and services between nations.
11Disposable income money left after taking out taxes. Shortages occur when demand exceeds supply
12Surplus Selling occurs when the supply of goods exceeds demand. provides customers with goods and services they want.
13Securities and Exchange Commissions responsible for regulating the sale of stocks and bondsMarketing conceptThe idea that businesses must satisfy customers’ needs and wants in order to make a profit
14Profit Three factors that affect business cycles are the money earned from conducting business after all costs and expenses have been paid.Three factors that affect business cycles arebusiness, consumers and government
15Embargois a total ban on specific goods coming into and leaving a country.
16Marketing Mixa combination of four strategies used to market a product such as product, place, price and promotion.
17Market segmentationa way of analyzing a market by specific characteristics in order to create a target market.
18Exportsare goods and services sold to other countries.
40DemographicsStatistics that describe a population in terms of personal characteristics such as age, gender, income, ethnic background, education, and occupation.
41Place UtilityHaving a product where customers can buy it.
42PriceThe value of money placed on a good or service.
43A business can get involved in international trade by importing, exporting and/or setting up shop in a foreign country
44As a funder of public libraries, the government is acting in what role? as a provider of servicesCapital isThe money needed to start and operate a business
45EntrepreneurshipThe process of starting and managing your own business.Four roles that our government plays in our free enterprise system includeproviding general servicessupporter of businessesregulatorand competitor.
46Labor All of the people who work in the economy. Prosperity Point in the business cycle when the economy flourishes.
47ScarcityThe difference between wants and needs and available resources.
48Psychographics Three goals of any economy are: Studies of consumers based on social and psychological characteristics.Three goals of any economy are:Stable pricesProductivityLow unemployment
49Federal Reserve Boardhas the power to control the U.S. monetary supply.The Occupational Safety and Health Administrationis a governmental regulatory agency created to protect employees.
50Three major businesses that make our government a competitor in the market place are Tennessee Valley AuthorityAmtrakU. S. Postal Service
51Three types of trade barriers are TariffsQuotasand embargoes
52Two economic factors that can discourage international trade are Labor costs and infrastructureTwo political factors that can discourage international trade arepolitical corruption and government instability
53What do U.S. fast food companies enter into in order to open franchises in foreign countries? Joint Ventures
54What is the agency that was created to police the General Agreement on Tariffs and Trade (GATT)? World Trade OrganizationWhat is the group that decides whether or not a business will survive?the consumers
55What is the term for the struggle between companies for customers? CompetitionWhen does the potential for profit increase?as the risk increases
56When the Federal and state governments set a minimum wage that businesses must pay their employees, this is an example of government’s role asa(n) regulator.
57HispanicsWhich of the four major U.S. ethnic markets considers music a major part of its culture, allowing marketers to use radio advertising to reach this group?Who is the single largest U.S. consumer of goods and services?the government