Entrepreneurship - Section 28
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10 Terms
product cost
includes the cost of parts and raw materials (or the price paid to a supplier for a finished product), labor, transportation, insurance, and an amount for damaged, lost or stolen products
product fulfillment center
provides some or all of the activities required to fill customer orders
product liability insurance
provides protection from claims arising from the use of the company’s products
product life cycle
identifies the stages a product goes through from the time it enters the market until it is no longer sold
product line
a group of similar products with slight variations in the marketing mix to satisfy different needs in a market
product usage
how frequently consumers use products and the quantity of product used
production
the business function that creates or obtains products or services for sale
productivity
the average output by workers for a specific period of time
professional liability insurance
provides protection against claims of negligent or harmful actions by business professionals
profit motive
the use of resources toward the greatest profit for the producer regulating those relationships