It is necessary to know for economists. Market -
a place where goods and services are bought and sold.
Black market - the system by which people illegally buy and sell goods,
or foreign currency.
Buyer’s market when there are more goods for sale than there are people
wanting to buy them.
44
Seller’s market -
a market characterized by excess demand in which
buyers consequently experience difficulty in buying.
Marketable -
able or fit to be sold
Marketing -
the part of business which is concerned with the way in
which a product is sold.
Jokes about Economics and Economists 1. Mr. Brown had just been hired as the new CEO of a
large high tech corporation. The CEO who was stepping down
met with him privately and presented him with three numbered
envelopes.
“Open these if you run up against a problem you don’t
think you can solve,” he said.
Well, things went along pretty smoothly, but six months
later, sales took a downturn and he was really catching a lot of
heat. About at his wit’s end, he remembered the envelopes. He
went to his drawer and took out the first envelope. The message
read, “Blame your predecessor”. The new CEO called a press
conference and tactfully laid the blame at the feet of the previous
CEO. Satisfied with his comments, the press – and Wall Street –
responded positively, sales began to pick up and the problem was
soon behind him.
About a year later, the company was again experiencing
slight dip in sales, combined with serious product problems.
Having learned from his previous experience, the CEO quickly
opened the second envelope. The message read, “Reorganize.”
This he did, and the company quickly rebounded.
After several consecutive profitable quarters, the
company once again fell on difficult times. The CEO went to
his office, closed the door and opened the third envelope. The
message said, “prepare three envelopes.”
2. The president of a large corporation opened his
directors’ meeting by announcing. “All those who are opposed
to the plan I am about to propose will reply by saying, ‘I
resign.”
