Chp 3 Marketing

Marketers are most concerned with

If there is a very large supply of a product, consumers will usually

An economic system where resources are owned by individuals & decisions are made independently

The study of economic behavior & relationships for the entire society.

An individual view of the worth of a product or service.

Profit ___is the use of resources to obtain the greatest profit.

Point where supply & demand are equal

Unlimited wants & needs with limited resources

A business offers to sell to customers on credit, what kind of utility is it offering?

Resources are owned by individuals rather than government

Type of economic utiltity results from changes in the tangible parts of a product or service.

Supply is a relationship btween quantity of product producers r willing & able to provide & ___

A ___ is a kind of market in which one supplier offers a unique product

Which is not a factor affecting demand?

The type of market where there are a large number of suppliers offering very similar products.