Economics Unit 4 - Junior Achievement Review

Terms	Definitions
Break-even point	The point at which income from sales equals costs
Capital investment	The money paid to purchase buildings, tools, and machines to create goods and services
Charitable giving	The voluntary effort to improve the well being of humankind through money, materials, or time
Demographics	The characteristics of human populations and population segments, especially when used to identify consumer markets
Fixed costs	Costs that remain the same no matter how much of a product is produced
Four P's of marketing	Product, price, place, promotion
Law of diminishing returns	Increasing amounts of variable resources crowd fixed resources, resulting in reduced production
market research	Gathering and evaluating data regarding consumers' preferences for products and services
Marketing	The process of planning and executing the conception, pricing, distribution, and promotion of a product or service
Price	The money value of a good or service
Product life cycle	The progress of a product from its introduction into the market, through its growth, maturity, and decline
Production	The process of changing resources into goods to satisfy the needs or wants of customers
Research and development	The investigation into developing new or improved products, processes, and services
Resource	Something of value that serves a need
Target market	A specific consumer group a business wants to reach
Variable costs	Costs that change with the amount or speed of production

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16 terms