Marketing 1 Final Review Part 1

All the things used in producing goods and services

A limit on the goods that can be imported into a country is called a

An excess of supply over demand is called a

Refers to the skills of people who are willing to risk their time and money to run a business

Green marketing is now a popular trend among companies.

The difference between wants and needs and the available resources is called a surplus.

A period of economic decline when unemployment starts to rise

Competition results in less of a selection of products

The measure of goods and services produced in a country is called the 

Planning, pricing, selling, distributing, and promoting a product is called

The potential for loss or failure is called

A prolonged recession is often referred to as a depression.

Communication systems are not part of a country's infrastructure.

A period of economic growth is called

The difference between what a nation imports and what it exports is called a 

If the price of a product is low enough, demand for that product usually increases.

Gum is an example of a product that is mass marketed.

Products are both goods and services.

In business, the potential for profit increases as the risk increases.

Equilibrium exists when supply equals demand.

The type of economic system that encourages private ownership of businesses and competition.

Profit is what a company earns after all expenses are paid.

The income that people use to buy luxury items like boats or jewelry.

Exports are goods and services sold to other countries.

When a nation imports more than it exports

An international trade agreement between Canada, US, and Mexico

Public schools like Southington High School are part of the private sector.

If you work part time, you are not part of the labor force.

Focusing all marketing decisions on a specific group of people.

The US has a totally free enterprise system.

A country's infrastructure is not important to a company that would like to do business there.

Refers to all full-time and part-time workers in an economy

The people who purchase goods and services.

The US has a positive balance of trade.

Market segmentation according to where people live.

The US currently has a trade embargo with Canada.

The marketing of goods and services to organizations or other businesses.

Consumers are people who use the products that are purchased.

Large corporations that set up shop in a foreign country are known as multinationals.

Taxes on imports

Most economies in the world are considered to be mixed economies.

Involves the study of consumers based on lifestyles, attitudes, and values.

The Sleepy Mattress Company advertises that it's never undersold; this is price competition.

Companies are described as market oriented when they try to meet the needs & wants of customers

Guidelines for good behavior.

When a country can produce a product better and cheaper than any other country is known as

In a market economy the government decides which businesses will be successful.

The struggle between companies for customers is called

Society's effort to protect consumer rights is known as

A non-profit business's primary concern is to earn money.