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Introduction to Marketing

Introduction to Marketing . WOW 2. Wants: to feel a desire for; wish for. Needs: a requirement, something necessary. Consumer: a person who buys and uses goods and services. Scarcity: insufficiency or shortness of supply. Surplus: an amount, quantity that is greater than needed.

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Introduction to Marketing

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  1. Introduction to Marketing WOW 2

  2. Wants: to feel a desire for; wish for.

  3. Needs: a requirement, something necessary

  4. Consumer: a person who buys and uses goods and services.

  5. Scarcity: insufficiency or shortness of supply.

  6. Surplus: an amount, quantity that is greater than needed.

  7. Opportunity Cost: the benefit that could have been gained from an alternative use of the same resource.

  8. Entrepreneur: a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.

  9. Sole Proprietor: business entity that is owned and run by one individual.

  10. Partnership: a contract between individuals who, in a spirit of cooperation, agree to carry on an enterprise.

  11. 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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