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July 23, 2018 

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COMPETITIVE FORCES: Forces in the marketing environment that are based on competition among customers and competition with other firms. As the organization looks out at its business environment, competition is a critical factor. Who is buying goods and services and who is providing them to those customers? Are there many competitors or are there just a few? Maybe none. Knowing what competitive forces exist helps an organization develop strategic planning to attract customers.

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Lesson 17: Money | Unit 1: Money Basics Page: 3 of 25

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  • The basic definition of money, which is anything that is generally accepted in exchange for goods and services.
  • That money is something that can be readily traded for valuable assets.
  • That money is THE medium through which market exchanges travel.
  • The two types of value:
    1. Value in use which means an item provides satisfaction of wants and needs.
    2. Value in exchange which means an item does not provide satisfaction directly but can be traded for something that does.
  • That money is an economic lubricant and that much money prompts inflationary expansion and too little entices recessionary unemployment.

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NOBEL PRIZE IN ECONOMIC SCIENCES

An award given annually since 1969 to an economist or scholar in recognition of a major contribution to the study of economics. It was established by the Bank of Sweden and is annually awarded by the Royal Swedish Academy of Sciences in Stockholm. The official name of the award is The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It is the only Nobel Prize awarded for a social science. The first Nobel Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.

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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

ANOVA
Analysis of Variance
A PEDestrian's Guide
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