Deca marketing cluster exam vocab words – Flashcards
Unlock all answers in this set
Unlock answersquestion
Capitalism
answer
An economic and political philosphy that is driven by competition with limited government involvement.
question
Law of diminishing returns
answer
With each additional input, output increases at a diminishing rate.
question
Human resource management
answer
A way to manage employees of a business; resource managers keep records on hiring or firing, training, evaluations, and discipline of employees.
question
Risk management
answer
The way a business plans to handle any insurance or non-insurance risks they may encounter.
question
Sole proprietorship
answer
A business owned by a single owner that provides money and skill to run the business.
