Economics - Hot Shot Business

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Marketing is how goods or services move from a firm to the customer. It is a management process. Like in the game, we needed to identify and develop a product (Alicja’s Pro Landscaping), then it was very important to determinate the prices (for example the service “Buggy bye bye” costs $10 in the ‘Alicja’s Pro Landscaping’). Selection of a distribution channel, to reach the customer, and development and the implementation of a promotional strategy is the next step. There were several options for the way of distribution channel: print campaign, barker, sky commercial, TV commercial; each respectively more expensive. Marketing is based on thinking about customers, their needs and their satisfaction. (In the game we could gain the information though the CNN channel). Important is that marketing is different form selling because selling concerns with the techniques of people exchanging their money for a product or service. Marketing view the entire business process as consisting of effort to discover, create, and satisfy customer needs.

Generally, rent is a compensation paid by a tenant to the property owner for use or occupancy of a properly. In other words it is the price paid per unit of time for the temporary use of a durable good that the user does not own. In the game we needed to rent the machines in other to get paid but we were also paying for renting them for once day, since we didn’t but them. This refers to the amount of any payment to the owner of a factor of production (capital, management, land, labor) that is above or beyond the minimum payment that would have been necessary to motivate the owner not to use it for something else. Economic rent in a sales transaction would be the difference between the payment that is actually received and the, so-called, second- best price the firm could be getting for using that factor of production in some other applications.

Loan is a type of a debt. It is a...
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