Glossary Terms:

Marketplace: Corporate Leap Frog

Glossary terms from:
http://www.econedlink.org/e505


Advertising

Using advertisements (public notices, displays or presentations often based on celebrity endorsements, appeals to authority, bandwagon effects and attractive imagery) to promote the sale of goods or services.

Business

Any activity or organization that produces or exchanges goods or services for a profit.

Competition

Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.

Consumers

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

Decision

A conclusion reached after considering alternatives and their results.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

Non-price Competition

Competition by firms trying to attract customers by methods other than reducing prices; examples include advertising and promotional gifts.

Price

The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.

Product

A good or service that can be used to satisfy a want.

Services

Activities performed by people, firms or government agencies to satisfy economic wants.

Stock

An ownership share or shares of ownership in a corporation.

Work

Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.