Marketing Principles Economics

What stage in the business cycle has a flourishing economy and high consumer spending?

The price in which supply and demand meet.

If Julia makes 1000 in sales, has costs of $400, and expenses of $200.  What is her profit?

when resources are limited and people are forced to make choices

What is not a question that every economy must ask?

What trade agreement involves over 160 members?

What type of economy is 100% controlled by the government.  The gov answers all econ questions.

Making sure a Christmas tree is available in December is an example of what utility?

Having sunscreen available for sale at the beach grocery store is an example of what utility?

Creating a pencil from a tree and graphite is an example of what utility?

a potential for loss or failure

a company develops a new product based on the demands from the culture in that market.

The machine used to chop down the tree in the creation of a pencil is an example of what FOP?

Another term for import tax

amount of goods producers are willing to make and sell

Who are the best marketing teachers ever?

What trade agreement established a common currency and bank among its members?

a country's roads, airports, and utilities

What is the term used to describe exports - imports?

goods and services sold to another country

What happens when supply decreases?

You work as a landscaper. You are an example of what factor of production?

freedom to own property, take risks, and make a profit

The Struggle is real... what is the term for the struggle between companies for customers?

money earned after costs and expenses have been paid

when supply exceeds demand

Who is not a member of NAFTA?

What business cycle stage involves economic downturn, job layoffs, and investment failures?

KFC mistranslated their slogan- it said "eat your fingers off".  What failure is this?

In a pure market economy who decides what items to produce and how to produce them?