entrep (2nd quiz)

• MACROECONOMICS 


  a branch of economics that studies how our overall economy, the MARKET SYSTEMS that operate on a large scale, BEHAVE.
• MACROECONOMICS


  Studies economy-wide phenomena such as INFLATION, PRICE, LEVELS, RATE OF ECONOMIC GROWTH, NATIONAL INCOME, AND GDP
• FOCUS OF MACROECONOMICS


  National Output, Unemployment, Inflation
• MICROECONOMICS


  the study of individuals, households, and firms' behavior in decision making and allocation of resources.
• CONSUMER THEORY


  examines and explains the factors involved in consumer decisions are. what they buy, how they decide to buy, what, why, and how much.
• THEORY OF DEMAND 


  Studying how the quantity and quality of products, goods, and services available on the market vary their prices according to the demand of individual economic agents.
• LAW OF DEMAND


  A fundamental principle of economics that states that a higher price, consumers will demand a lower quantity of a good.
• THEORY OF A PRODUCER


  studying how it works and what decisions does the production company to increase its profits in the market, implying that decisions of internal order, as the number of workers.
• LAW OF SUPPLY


  says that a higher price will induce producers to supply a higher quantity to the market.
• THEORY OF ACTIVE FINANCIAL MARKETS


  considers the different types of markets that may exist in relation to the number of supply and demand, whether monopoly, duopoly, oligopoly or perfect competition.
• GENERAL EQUILIBRIUM THEORY


  responsible for studying, analyzing and explaining the interaction between all theories of microeconomic dynamics.
• MONOPOLY


  a market structure characterized by a single seller, selling a unique product in the market.
• In a monopoly market. the seller faces ________

  no competition
• DUOPOLY


  a special case of oligopoly in which there are exactly two sellers
• Business to Consumer


  Most common business model
• Business to Consumer


  Sell to their end user
• Business to Consumer


  Decision making process for purchase is short especially for items that have a lower value
• Business to Business


  Generally have longer sales cycle but higher order value and recurring purchases
• Business to Business


  Sells its product or service to another business
• Consumer to business


  Allows individuals to sell goods and services to companies
• consumer to consumer


  Online marketplace connects consumers to exchange goods
• Product


  Refers to an item or items the business plans to offer to customers
• Product


  Should seek to fulfill an absence in the market or fulfill consumer demand for a greater anount of a product already available
• price


  Refers to how much the company will sell the product for
• when establishing a price, companies must consider the:

  Unit cost price, Marketing Costs, and Distribution Expenses
• Promotion


  Integrated Marketing Communications Campaign
• Promotion includes variety of activities such as


  Advertising, Selling, Market Research, Public Relations, Direct Marketing, sponsorhsip, and Guerilla Marketing
• Marketing Means


  Selling
• Selling


  Means the activity of making products or services available so people can buy them
• Selling


  Is any transaction in which money is exchanged for a good or service.
• During sales negotiation,


  The seller attempts to convince or sell the buyer on the benefits of their offer
• Advertisements


  Are messages paid for by those who send them and are intended to inform or influence people who receive them
• Economics


  Is a social science concerned with the production, distribution, and consumption of goods and services