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Chapter 5
MKT 320F chapter 5
11
Marketing
Undergraduate 2
02/09/2014

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Term
GDP-
Definition
the total market value of all goods and services provided in a country’s economy in a year by both residents and nonresidents of that country
Term
Birthrate-
Definition
the numbers of babies born per 1,000 people
Term
Baby boomers-
Definition
people born between 1946 and 1964
Term
Generation X-
Definition
sometimes called gen X, refers to the generation born immediately following the baby boom, first time women more educated than men
Term
Generation Y-
Definition
called millenials, 1978-1994, grew up with technology
Term
Metropolitan Statistical Area-
Definition
is an integrated economic and social unit with a large population nucleus
Term
Real Income-
Definition
income that is adjusted to take out the effects of inflation on purchasing power
Term
Disposable income-
Definition
is what is left after taxes
Term
Discretionary income-
Definition
what is left of disposable income after paying for necessities
Term
Empty nesters-
Definition
people whose children are grown and who are now able to spend their money in other ways
Term
Senior citizens-
Definition
people over 65, large group
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