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Marketing Chapter 3 Test Rust

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Section 1

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The exchange of a product for money

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Date created

Mar 1, 2020

Cards (26)

Section 1

(26 cards)

The exchange of a product for money

Front

Possession Utility

Back

(1) Property Resources and (2) Human Resources.

Front

How are economic resources classified?

Back

Businesses that use their resources to develop products and services

Front

Producer

Back

Unlimited wants and needs, combined with limited resources

Front

Scarcity

Back

a term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.

Front

Economic Utility

Back

Price, Income levels, Competition, Fashions

Front

Factors to influence what and how many products or services a businesses will produce.

Back

There are many firms competing with products that are somewhat different

Front

Monopolistic Competition

Back

Some good and services are provided by the government and some by private enterprise

Front

Mixed Economy

Back

Adding value to products by having them where people want them.

Front

Place Utility

Back

When the price of a product is increased, more will be produced.

Front

Law of Supply

Back

The government answers the three economic questions

Front

Command Economy

Back

A few businesses offer very similar products or services

Front

Oligopoly

Back

-What goods and services will be produced -How will they be produced? -For whom will they be produced?

Front

Three questions all economies must answer.

Back

Pure Competition- consumers have the control and suppliers can only charge what consumers are willing to pay Oligopoly- If the companies work together pricing is more like a monopoly, If they compete pricing is more like pure competition Monopolistic Competition- Pricing is between monopoly and pure competition, firms will try as much as they can to differentiate for pricing power

Front

Pure competition and effect on price

Back

A relationship between the quantity of a product that producers are willing and able to provide and the price

Front

Supply

Back

The Fundamental Economic Scarcity and Choice

Front

The basic economic problem?

Back

The government stays out of exchange activities between producers and consumers unless it is clear that individuals or society are harmed by the decisions.

Front

Role of government in a private enterprise

Back

The physical product provided or the service offered is the primary way that consumers will buy their products or services

Front

Form Utility

Back

having a product available at a certain time of year or a convenient time of day

Front

Time Utility

Back

capitalism

Front

What type of Economy is the United States?

Back

Individuals who purchase products and services to satisfy needs

Front

Consumer

Back

is based on independent decisions by business and consumers with only a limited government role regulating those relationships

Front

Private Enterprise

Back

When the price of a product is increased, less will be demanded

Front

Law of Demand

Back

Refers to the use of resources to obtain the greatest profit

Front

Profit Motive

Back

A type of market in which one supplier offers a unique product

Front

Monopoly

Back

Scarcity and Choice

Front

Marketing is concerned with what type of economics?

Back