Marketing Principles Economics

KFC mistranslated their slogan- it said "eat your fingers off".  What failure is this?

The Struggle is real... what is the term for the struggle between companies for customers?

when resources are limited and people are forced to make choices

What stage in the business cycle has a flourishing economy and high consumer spending?

Having sunscreen available for sale at the beach grocery store is an example of what utility?

a company develops a new product based on the demands from the culture in that market.

What trade agreement involves over 160 members?

when supply exceeds demand

Making sure a Christmas tree is available in December is an example of what utility?

Creating a pencil from a tree and graphite is an example of what utility?

What happens when supply decreases?

What trade agreement established a common currency and bank among its members?

amount of goods producers are willing to make and sell

a potential for loss or failure

money earned after costs and expenses have been paid

Who are the best marketing teachers ever?

The price in which supply and demand meet.

You work as a landscaper. You are an example of what factor of production?

If Julia makes 1000 in sales, has costs of $400, and expenses of $200.  What is her profit?

What is not a question that every economy must ask?

goods and services sold to another country

In a pure market economy who decides what items to produce and how to produce them?

freedom to own property, take risks, and make a profit

What business cycle stage involves economic downturn, job layoffs, and investment failures?

What type of economy is 100% controlled by the government.  The gov answers all econ questions.

Who is not a member of NAFTA?

a country's roads, airports, and utilities

Another term for import tax

What is the term used to describe exports - imports?

The machine used to chop down the tree in the creation of a pencil is an example of what FOP?