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Chapter 3: Marketing begins with Economics Flashcards | StudBud
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Chapter 3: Marketing begins with Economics
Chapter 3: Marketing begins with Economics
18 terms
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Chapter 3: Marketing begins with Economics. #marketing #firstblock
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
Market price is the study of economic behavior in relationships with their entire society
False
Glue
Valse
True
2
is an individual view of the worth of a product or service
Pure Competition
Monopoly
Value
Demand
3
Scarcity is ......
result of unlimited wants & needs combined w/limited resources
A scary city
restaurant
the point where supply and demand for a product are equal
4
Which is an Economic Question?
Where is the ingredients located?
Do people like You?
How many pizzas are good?
What goods and services will be produced?
5
a private enterprise economy is heavily regulated by government
false
true
6
amount of satisfaction a consumer receives from the consumption of a particular product
Economic Utility
Economic Resources
Market Price
Supply Curve
7
The law of demand is....
Businesses that use their resources to develop a product
Bill of rights
the right to remain silent
the price of a product is increased, less will be demanded
8
When the price of a product increased, a smaller quantity will be purchased, which is known as
law of land
law of supply
law of demand
law of economic utility
9
Effective marketing relies on the principles and concepts of economics.
false
True
10
People who understand marketing know that the marketing process is not scientific.
false
true
11
_ is a relationship between the quantity of a product that producers are willing & able to sell
Supply
form
dance
parties
12
Macroeconomics are
the point where supply and demand for a product are equal
study of economic behavior in relationships w/entire society
Small
study of relationships between individual consumers&products
13
What is a Monopoly in Marketing?
the point where supply and demand for a product are equal
when there is only 1 supplier offering a unique product or service
The bank game with the man that has a Mustache
a board game
14
Pure Competition is the type of market in which many suppliers offer very similar products
True
False
15
In pure competition, there are a large # of suppliers offering which of the following?
unique products
very similar products
somewhat different products
an unlimited supply of products
16
Changes in a products physical features affect its __ utility
food
Market Price
Form
scarcity
17
In theory, a business in a monopoly can charge any price it is selling a unique product.
false
true
18
Economies are organized into different economic systems based on 3 economic questions
False
True
