General Management- NOCTI #6

What is the growth stage?

physical products purchased by companies to produce other products

What is the maturity stage?

Customers, employees, stockholders, suppliers,dealers, bankers, etc

Inexpensive products that are purchased regularly and require little time and effort

Entrepreneurship take risk and time and may lose benefits as to working for another company

items that the consumer either does not know about or knows about but does not initially want

What is the decline stage?

What is the introduction stage?

goods that are not mass-produced but rather assembled individually or in small quantities

allow private ownership, pass laws that enable contracts and ability to enforece in court. etc.

study of how society chooses to employ resources, and distribute them

Freedom to make their own decisions, more opportuinity, and possible wealth

Macroeconomics micro economics

money a business earns above the money that it spends for salaries and other expensses

Allows workers to be more effective efficient and productive

The chance an entrepreneur takes of losing money on a business that may not prove profitable

studies the behavior of people and organizations in a particular market

studies the operation of a nation's economy as a whole

goods (as food or clothing) intended for direct use or consumption

Items purchased after comparing prices and features

What are the four stages of a product life cycle?