Deca marketing cluster exam vocab words

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

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