Marketing Chapter 3 Discussion

T or F? When the price of a product increases, more will be produced.

T or F? Marketers are most concerned about macroeconomics.

__ is the amount of satisfaction a customer receives from consuming a particular product or ser

Making products/services available where you want them is ___ utility.

The graph of the relationship between price and quantity supplied is known as __.

An apartment complex owner might provide free cable TV for residents. This is an example of __.

Using resources to obtain the greatest profit describes ___?

T or F? Unlimited wants and needs, combined with limited resources, result in scarcity.

In private enterprise, resources of production are owned/controlled by ___.

What organizes the use of limited resources in a way that will satisfy individual/group needs?

Four economic resources are:

T or F? In an oligopoly, many firms compete with products that are somewhat different.

Unlimited wants and needs, combined with limited resources, result in ___.

___ utility results from changes in the tangible parts of a product or service.

What is one of the most important reasons for businesses to operate in a private enterprise ec?

T or F? The point where supply and demand for a product are equal is known as net price.

Some goods/services are provided by the government, and some by private enterprise?

Who can enact laws and regulations to help maintain an effective economy?

The relationship between price and quantity demanded is called a ___.

T or F? If a monopoly is unregulated, the business can charge any price it chooses.

Relationship between the quantity of a product consumers are willing to buy and the price?

Restaurants, auto dealerships and cosmetics are examples of ___.

In this kind of economy, resources are owned by individuals - not government.

___ is based on independent decisions by businesses/consumers with only a limited govt. role?

T or F? Microeconomics examines relationships between customers and producers.

___ utility results from the affordability of the product or service.

In a ___ economy, the government answers the 3 economics questions.

The government exerts the greatest influence over economic decisions in a ___.

Who determines what products/services will be successful in a private enterprise economy?

Traditional examples of industries in pure competition are producers of ___.

T or F? Government stays out of exchange activities decisions unless someone would be harmed.

Effective marketing relies on the principles and concepts of ___.

T or F? In pure competition, many suppliers offer very similar products.

What do you call an individual view of the worth of a product or service?

T or F? The airline industry is an example of an oligopoly.

T or F? In an oligopoly, the businesses do not have a great deal of control over prices.

What is the most popular type of economy?

Relationship between quantity of a product producers will provide and the price?

T or F? When the price of a product increases, less will be demanded.

Individuals who purchase products and services to satisfy needs are ___.

What do you call a type of market in which one supplier offers a unique product?

What is an economic market?

T or F? Macroeconomics looks at the big picture.

Businesses that use their resources to develop products and services are ___.

A bank that stays open in the evening is an example of ___ utility.