HRT 302 Lecture 2: HRT 3020- Chapter 2

• School: Cal Poly Pomona
• Department: Hospitality Management
• Course: HRT 302
• Professor: Linchi Kwok

Document Summary

Purchasing power: the extent to which consumers have the ability to purchase products and services. Consumer price index (cpi): a measure of the relative level of prices for consumer goods in the economy. As this measure rices, there are more concerns about inflation and a poor economy. Disposable income: an individual"s income that remains for spending after required deductions such as taxes. Discretionary income: an individual"s income that is available for spending after deducting taxes and necessary expenditures on housing, food, and basic clothing. Demographics: characteristics that describe the population such as age, income, education, occupation, family size, marital status, and gender. Competitive structure: a combination of buyers and sellers in a market. Monopoly: a competitive structure in an industry with one seller and many buyers. Perfect competition: a competitive structure in an industry with many buyers and sellers of homogeneous products that are almost exactly the same.