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POLITICAL FORCES: Forces in the marketing environment that are shaped by elected (and sometimes appointed) officials that impact the decisions made by a business organization. Government officials can enact laws that could cause serious harm to specific business sectors. For example, a state that passes laws prohibiting off-shore drilling would dramatically affect an oil drilling company's business outlook. Through environmental scanning a business looks at these political forces that might affect them in the short and long term.
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ECONOMIC PROFIT The difference between the total opportunity cost of production and the total revenue received by a firm. Economic profit is what remains after ALL opportunity cost associated with production (including a normal profit) is deducted from the revenue generated by the production. Economic profit is one of three alternative notions of profit. The other two are accounting profit and normal profit.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Difficulty is the excuse history never accepts. " -- Edward R. Murrow, News broadcaster
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AASB
American Assocation of Small Business
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