Marketing Vocabulary #8

1. Business cycle – recurring changes in the economy

2. Prosperity – (expansion) – time when the economy is flourishing; good time for businesses to start up

3. Recession - period of economic slowdown that lasts for 2 quarters (6 months); companies reduce their workforce and consumer have less money to spend

4. Depression – period of prolonged recession; becomes nearly impossible to find a job (The Great Depression 1930s); consumer spending is very low, unemployment is very high; production of products is down significantly, poverty results

5. Recovery – increase in the overall economic activity; business picks up, people find jobs, and demand of good increases

6. Business – all of the activities involved in producing and marketing goods and services

7. Management – used to plan, organize, and control all available resources to reach company goals

8. Production – the process of creating, growing, manufacturing, or improving on goods and services

9. Marketplace – exists whenever a product is sold to a customer

10. Nonprofit organization – not operated for the purpose of making a profit (Memphis Redbirds)