EOPA Quiz One

The intermediary that obtains good to sell to industrial users

The process where marketers ensure their product is distributed to customers efficiently and effectively

A market economy is based on

A command economy system is based on consumers

Your business sponsors a local charity event. This is an example of

The quantity of something that consumers are willing and able to buy is

The amount of goods producers are willing to make and sell

Getting information to make sound business decisions is

Conducting a survey to get customer input into developing a new product is an example of

Communicating with customers to inform, persuade or remind them about a product

The resources or factors of production in an economy include:

Purchasing robotic equipment for an assembly line is increasing productivity by

The intermediary that brings buyers and sellers together but does not take ownership of the product

Competition in business generally lowers prices for consumers

The amount of output (goods and services) that result from a given input (land, labor, capital, entrepreneurship)

Profit does not play a part in private enterprise

What you give up in order to purchase another product or service is .....

Increasing productivity by hiring new workers is .....

Too low of a price will result in a loss and too high may prevent customers from buying

A mixed economy system is based on