Marketing - Chapter 3.1 & 5.1

A _________ protects author's/artist's work for life plus 70 years.

A ________ protects an invention for 20 years.

A ______ occurs when demand exceeds supply.

When supply and demand are balanced

A philosophy characterized by marketplace competition and private ownership of business

In _________ there is NO private ownership of property or capital.

Wal-mart engages mostly in...

the organized way a nation provides for the needs and wants of its people

Nations making a shift from one philosophy to another (ex. Russia) are referred to as...

Which of the following is a company which engages in non-price competition?

All the things used in producing goods and services

System has more government involvement in the economy than capitalism, but less than communism

The factors of production include land, labor, capital, and...

A person who risks time and money to start and manage a business

Price and demand move in opposite directions