BE: Ch 2 & 3

___ is the concern about the consequences of actions on others.

Seller must accept product market price because it is similar to other products being sold.

If businesses of a(n) ____ work together, they exercise control in the market like a monopoly.

Economic system where government owns & controls resources and makes production decisions.

The percent of a product price spent on advertising.

The development of which of the following organizations is an example of self-regulation?

Effective marketing relies more on creativity and less on the principles/concepts of economics.

Because of marketing, people can ____.

Important tools in developing publicawareness of social issues are ____.

Macroeconomics is to microeconomics as____. 

The average cost of all marketing activities is about ____ percent of the total product price.

The law of supply dictates that when the price of a product is increased, ____.

The law of demand dictates that when the price of a product is decreased, ____.

The organized actions of consumer groups seeking increased influence on business practices.

The Consumer Bill of Rights does not include ____.

The sale of products and services to people in other countries is referred to as ____.

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

Organized actions of consumer groups seeking to increase their influence on business practices

The percentage of jobs with marketing as a major responsibility in the US is estimated at ____.

An economic market is made up of ____.

The economy of the US is best described as ____.

Whichof the following is an example of consumer action?

A type of market where one supplier is offering a unique product is ____.

An airline is an example of a business in monopolistic competition.

When a consumer organization tests products and publishes results, it is an example of ____.

The point at which supply and demand for a product are equal is called economic leverage point.

The Sherman Antitrust Act was designed to increase competition by regulating monopolies.

The point where supply and demand for a product are equal.

The effects of marketing on society include inflated prices and wasted natural resources.

Unlimited wants and needs combined with limited resources result in ____.

Economic system where goods/services are provided by both government and private enterprise.

The use of resources toward the greatest profit for the producer.

Law of demand: When the price of a product ____, the demand for the product will ____.

The government is most likely to attempt to regulate ____.

The study of relationships between individual consumers and producers.