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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.
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Lesson 11: Circular Flow | Unit 2: Financial Markets
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Page: 8 of 22
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Saving is a nonconsumption use of income, making a loan or supplying income to the financial markets in exchange for a legal claim.- The red financial markets box is a third set of aggregate markets.
- The green flow is saving supplied to the financial markets. It is income diverted from the household sector.
Why save?- To get paid. Interest is the payment for using income.
- Income is needed later more than now. Income is set aside this year to buy more production next year.
Saving does not disappear, it is income diverted away from the consumption flow and supplied, or loaned, to the financial markets.
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PRODUCT LIFE CYCLE The different stages that a product traverses over the course of its life from initial availability (birth) to eventual unavailability (death). The key stages are development, introduction, growth, maturity, saturation, and decline. The product life cycle, represented by an S-shaped curve, is an adaptation of the biological life cycle and is common to the study of marketing. It is also important in the analysis of innovation and economic instability. In addition to biological growth, comparable S-shaped life cycles are found in short-run production of a firm, the growth of a person's income, the acquisition of knowledge, and the development of a civilization.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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ISIC
International Standard Industrial Classification
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