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Ch 3- Marketing Begins with Economics Flashcards | StudBud
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Ch 3- Marketing Begins with Economics
Ch 3- Marketing Begins with Economics
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Ch 3- Scarcity, Supply & Demand,Competition, Economic Utility
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Producers of products such as soybeans and poultry are traditional examples of industries in
pure competition
a monopoly
2
Because wants/needs are always less than available resources, they're met in a balanced economy
False
True
3
The economy of the United States is often called a
controlled economy
private enterprise economy.
4
An economic market is made up of
all suppliers of a particular product or service
consumers who will purchase a particular product or service
5
The law of supply dictates that when the price of a product is increased
less will be demanded
more will be produced
6
Unlimited wants and needs combined with limited resources result in
pure competition
scarcity
7
Changes in the tangible parts of the product or service to meet customer needs is
form utility
possession utility
8
The amount of satisfaction a consumer receives from the consumption of a product or service
Economic utility
Oligopoly
9
A type of market where one supplier is offering a unique product is
a monopoly
monopolistic competition
10
businesses of a(n) _ work together, they will be like a monopoly,great deal of ctrl in the mrkt
pure competition
oligopoly
11
Macroeconomics is to microeconomics as
the forest is to the trees
demand is to supply
12
An automobile dealership is an example of a business in monopolistic competition
False
True
13
Which of these is
not
true of economic utility?
All of these choices are true
When economic utility improves so does customer satisfaction
It identifies ways to add value to products and services
It supports the marketing concept
14
In _____, sellers must accept market price as the item being sold is like others on the market
pure competition
Monopoly
15
According to the law of demand, when a product's price_______, demand for the product_______.
increases; decrease
Both decreases/increase and increases/decrease are correct
16
Time utility results from
making the product affordable to the target market
making products or services available when customers want it
17
The point where supply and demand for products are equal is known as an economic leverage point
True
False
18
A private enterprise economy is characterized by
All of these choices are correct
production resources owned/controlled by private producers
the profit motive used in deciding what to produce
consumers using the value concept to decide what to consume
19
Effective marketing relies more on creativity and less on principles and concepts of economics.
True
False
20
The law of demand dictates that when the price of a product is decreased
less will be produced
more will be demanded
