Deca terms to know 2024

AIDA - Attention, Interest, Desire, Action Baby boom generation - large group of people born between 1947 and 1965 Balance Sheet - a financial statement that shows a company's assets, liabilities, and net worth on a given date. Assets - Liabilities = Net Worth Brand name - the name that identifies the goods and services of one business Business cycle - the ups and downs in the economy (prosperity, contraction, recession, expansion) Business-to-business - the exchange of goods and service between businesses Capital - money available for investment purposes such as starting a business Channel of distribution - the path a product takes from manufacturer to final consumer Complementary goods - goods that are used with one another (e.g. skis and ski poles Convergence - a process in which 2 or more technologies come together to form a new one or to perform new functions (e.g. internet + magazine + movies combine to share content and marketing) Corporation - a legal business entity that exists independently of its owners (most large companies) Demography - the study of statistics relating to population or communities Direct competition: - the rivalry that exists when 2 or more businesses produce similar goods and services Discretionary income - the amount of money left to spend after all necessary spending (food, shelter, etc.) e-business - short form for "electronic business" - conducted over the internet Entrepreneur - a person who organizes, manages, and assumes the risk of starting and operating an enterprise Factors of production - items required to produce goods and services including land, labour, and capital