Deca marketing cluster exam vocab words – Flashcards

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