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Published byDwain Rodgers Modified over 9 years ago
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Introduction to Marketing WOW 2
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Wants: to feel a desire for; wish for.
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Needs: a requirement, something necessary
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Consumer: a person who buys and uses goods and services.
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Scarcity: insufficiency or shortness of supply.
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Surplus: an amount, quantity that is greater than needed.
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Opportunity Cost: the benefit that could have been gained from an alternative use of the same resource.
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Entrepreneur: a person who starts any enterprise, with initiative and risk.
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Sole Proprietor: business entity that is owned and run by one individual.
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Partnership: a contract between individuals who, in a spirit of cooperation, agree to carry on an enterprise.
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Corporation: a separate legal entity that has privileges and liabilities that are distinct from those of its members. An important feature is limited liability.
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