Marketing - Chapter 3.1 & 5.1

Question 1

A person who risks time and money to start and manage a business

Accepted Answer

entrepreneur

Question 2

A philosophy characterized by marketplace competition and private ownership of business

Accepted Answer

capitalism

Question 3

A _________ protects author's/artist's work for life plus 70 years.

Accepted Answer

copyright

Question 4

The factors of production include land, labor, capital, and...

Accepted Answer

entrepreneurship

Question 5

Price and demand move in opposite directions

Accepted Answer

law of demand

Question 6

A ______ occurs when demand exceeds supply.

Accepted Answer

shortage, violent riot

Question 7

When supply and demand are balanced

Accepted Answer

none of these

Question 8

In _________ there is NO private ownership of property or capital.

Accepted Answer

communism

Question 9

All the things used in producing goods and services

Accepted Answer

resources

Question 10

Nations making a shift from one philosophy to another (ex. Russia) are referred to as...

Accepted Answer

economies in transition

Question 11

A ________ protects an invention for 20 years.

Accepted Answer

patent

Question 12

System has more government involvement in the economy than capitalism, but less than communism

Accepted Answer

socialism

Question 13

Which of the following is a company which engages in non-price competition?

Accepted Answer

Deer Valley

Question 14

Wal-mart engages mostly in...

Accepted Answer

price competition

Question 15

the organized way a nation provides for the needs and wants of its people

Accepted Answer

economy

Questions 15