What are the five types of Utility?

form, place, time, info, possession

Which of the 4 types of economic systems does our country, the U.S. have?

Mixed- A mix of Command and Market

What are 4 main types of economic systems?

Traditional, Market, Command, Mixed

What are three economic benefits generated by businesses in an economy?

jobs/markets, goods/services, taxes paid

What are Market Forces?

economic factors that affect price, demand, availability of a good/service

Chap. 1- In business what does utility mean?

a product that is useful- meets wants and needs

Economics- What is the basic “economic problem”?

how to use limited resources to meet unlimited needs & wants

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2025- Chap. 1- Principles of Business, Marketing & Finance (new textbook)

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Answers

1
What are the five types of Utility?
product, price, promotion, place, people
A, B, C, D, E
need, want, demand, supply, profit
form, place, time, info, possession
2
Which of the 4 types of economic systems does our country, the U.S. have?
Market- 100 percent free enterprise system with no government control
Command- 100 percent goverment controlled
Mixed- A mix of Command and Market
Traditional- mostly farming and barter
3
What are 4 main types of economic systems?
Fast, Medium, Slow, Very Slow
Capitalist, Communist, Socialist, Anarchy
Traditional, Market, Command, Mixed
Corporate, Social Media, Farms, Stock Market
4
What are three economic benefits generated by businesses in an economy?
climate change, sadness, war
likes, popularity, money
high, middle, low
jobs/markets, goods/services, taxes paid
5
True or false- When you have scarcity you have too much of, or a surplus of, a product or service
False
True
6
What are Market Forces?
the 4 (or 5) P's of Marketing
how companies market their products
how forceful some marketing is
economic factors that affect price, demand, availability of a good/service
7
Chap. 1- In business what does utility mean?
a product that is very innovative
a product that is not needed
a product that is useful- meets wants and needs
a product that is dull and boring
8
Economics- What is the basic “economic problem”?
how to make as much money as possible
how to gain a monopoly in an industry
how to steal and sell user information from customers
how to use limited resources to meet unlimited needs & wants
9
True or false- Four of the main functions of business are production, finance, marketing and management
False
True
10
The fair "market price" of a good or service is also known as
any price you want to set
the "equilibrium" point
the main effect of social media
how influencers affect the price

2025- Chap. 1- Principles of Business, Marketing & Finance (new textbook) Flashcards | StudBud