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| The basic categories of inputs used to produce goods and services. Resources are also called factors of production. Economists divide resources into three categories: land, labor, and capital. |
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| Any natural resource provided by nature that is used to produce goods and services |
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| The mental and physical capacity of workers to produce goods and services. |
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| The creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products. |
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| Human-made goods that are used to produce other goods and services. |
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| The study of how society chooses to allocate its scarce resources to the productions of goods and services in order to satisfy unlimited wants. |
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| The branch of economics that studies decision making for the economy as a whole. |
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| The branch of economics that studies decision making by a single individual, household, firm, industry, or level of government. |
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| A simplified description of reality used to understand and predict the relationship between variables. |
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| A Latin phrase that means while certain variables change, "all other things remain unchanged." |
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| An analysis limited to statements that are verifiable. |
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| An analysis based on value judgment. |
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| clothing, especially outerwear; garments; attire |
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| the way that someone or something looks |
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| is defined as the path or route along which goods move from producers or manufacturers to ultimate consumers |
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| is a person or group of people, such as a household, who are the final users of products or services |
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| in retailing is the financial aspects of the business like accounting, employee’s payroll, sales tallies, and customer and supplier bills |
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| small self-service stores which sell a limited line of fast-moving food and non-food items; which are usually well located and operate long hours |
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| someone who buys goods or services from a business |
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| refers to the extent to which customers are happy with the products and services provided by a business |
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| a section of a retail store selling a particular class or kind of goods |
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| Large stores which are divided into discrete departments selling a wide range of diverse products such as cosmetics, clothing, home furnishings, toys, electronics, etc. |
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| are stores that offer a wide range of products at discounted prices |
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| the act of giving or delivering something to people. : the act of delivering something to a store or business |
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| selling by knocking at consumer’s home or office |
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| business that is transacted by transferring data electronically, especially over the Internet |
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| retail businesses that utilize the Internet or other electronic formats for their consumer transactions |
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| coming or derived from a source outside the subject affected |
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| term used in retail and wholesale business in reference to merchandise not limited to some particular category |
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| very large self-service stores that offer an enormous range of products under one roof |
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| the first and immediate effect of an experience or perception upon the mind |
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| coming or derived from a source outside the subject affected |
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| the planning, implementation, and coordination of the details of a business or other operation |
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| to make or process (a product), especially with the use of industrial machines |
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| a person, an enterprise, or an entity that manufactures something |
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| a process which includes the purchase of an appropriate assortment of products and to ensure the profitable sale of these products |
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| a trader who buys from producers and sells to retailers or consumers |
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| reach out to customers at their homes or offices by electronic or online formats, catalogues or mail order, door-to-door selling, telemarketing, television or radio, or vending machines |
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| includes activities such as store maintenance, receipt and distribution of merchandise, as well as offer sales-support activities and customer service (Also known as store management) |
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| involves the employee selection, training, advancement and welfare of employees |
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| includes all activities that concern with communicating the retailer’s message to the public through advertising, displays, publicity, public relations, special events and promotional activities of the store |
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| the entity or business that provides the sale of goods or commodities in small quantities directly to consumers |
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| includes all activities involved in selling products and/or services to the final customer |
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| provide fast, friendly service by actively seeking out customers to assess their needs and provide assistance |
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| is offering to exchange an item of value for a different item |
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| are an example of intangible economic goods |
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| small stores which concentrate on selling a specific range of merchandise and related products |
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| includes activities such as store maintenance, receipt and distribution of merchandise, as well as offer sales-support activities and customer service. (Also known as operations) |
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| operation from a fixed location and serve walk-in customers. |
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| large self-service stores that sell a wide variety of goods such as food, toiletries, household products, etc. |
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| selling or advertising by telephone |
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| equivalent worth or return in money, material, services, etc.: to give value for value received |
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| the sale of goods in quantity, as to retailers or jobbers, for resale (opposed to retail) |
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