Marketing Study Guide Chp 2

financial statement

A(n) ________ that shows a companys assets, liabilities, and net worth at a specific point in time- Balance Sheet.

Microeconomics

________- the study of the relationships between individual consumers and producers.

amount of money

The ________ remaining from revenues after all expenses are paid- Profit.

Macroeconomics

________- the study of the economics of the entire society.

Retention

Risk ________- Setting aside funds to help predict and loosen the loss of a risk in the future.

Gain

________ Or Loss Risk- (speculative risk)- There is a chance of loss or ________.

Form utility

________- when the physical characteristics of a product or service are improved.

Time utility

________- making the product or service available when the customer wants it.

The amount of money remaining from revenues after all expenses are paid

Profit

The study of how goods and services are produced, distributed, and consumed

Economics

The possibility of financial gain or loss or personal injury

Risk

A report developed to predict the expenses to be incurred and revenues to be received

Forecast

The business is legally responsible for damages

Liable

Involves preventing, reducing, or lessening the negative impacts of risk

Risk Management

The income that is distributed to investors

ROI (Return on Investment)

A system of deciding what is right or wrong in a reasoned and impartial manner

Ethics

The amount of satisfaction a person receives from the consumption of a particular product or service

Economic Utility

Shows revenues and expenses for a specific period of time reveals companys profit or loss

Income Statement

High standards of rules and guidelines

Principles

Making decisions to use resources in ways that result in the greatest profit

Profit Motive

Macroeconomics

the study of the economics of the entire society

form utility

when the physical characteristics of a product or service are improved

place utility

the product is available where it is wanted

possession utility

the product or service is available at an affordable price and easily obtainable

Gain Or Loss Risk

(speculative risk)- There is a chance of loss or gain

Controllable Risk- It can be controlled or prevented  (Opposite

Uncontrollable risk)