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Flashcards - MEGA Marketing: The Business Cycle

Flashcards - MEGA Marketing: The Business Cycle
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contraction
A contraction is a shortened version of the written and spoken forms of a word, syllable, or word group, created by omission of internal letters and sounds
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
consumer
A consumer is a person or organization that uses economic services or commodities
substitute goods
In consumer theory, substitute goods or substitutes are products that a consumer perceives as similar or comparable, so that having more of one product makes them desire less of the other product

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