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Marketing Test

Chapter 2

QuestionAnswer
Free Enterprise People in their economic roles are free to make choices
Private Property Resources and products owned by individuals or businesses.
Specialization Businesses and people focus on producing one or a few parts of an entire product
The Price System Monetary prices as a message system to facilitate exchanges between buyers and sellers
Market Competition Competition among businesses
Competition in Resource markets Land, labor, and capital. Compete for productive resources
Competition in markets for products Buyers compete with buyers
Command Economy Government holds most property rights
Traditional Economy Rely on traditions or customs to make the what, how and who choices
Mixed Economics Emphasize private ownership and voluntary exchange but they allow government to play an important role in the economic lives of citizens
Circular Flow Markets, businesses, markets for resources, households/consumers resource owners
Barter Exchange of goods and services without using money
Adam Smith Wealth of Nations, how can people who pursue their own self-interest through voluntary exchange also promote best interests of society?
An invisible Hand Invisible hand of the economy increase our nation's wealth by using our own individual interests, talents, and abilities to serve consumers in the market
Which of these is not 1 of 3 basic concepts all economic systems must address? What prices government will charge for goods and services
Which of the following could be used in a system of voluntary exchange? Ancient coins, bakery goods, baseball cards
People make voluntary exchanges of goods and services in a free market mainly because they Expect to be better off as a result of an exchange
Which of the following statements is true of a pure market economy There is no central planning agency that determines prices
Responses to incentives are predictable because People generally pursue their own interests
Which of the following would probably not be considered a monetary incentive to buy a product? Celebrity Endorsements
Compared to market economies, command and traditional economy systems generally have Fewer privately owned businesses
An economist would say that a key advantage of money as a medium of transactions is that it Decreases the coast of the exchange
Which of these effects are most likely to reduce consumer spending in the United States economy? Substantial tax increases
Compared to a pure market economy, one benefit of a command economy is that People have more job security and are provided with more public services
In the U.S some services such as the postal system are regulated and/or operated with help from the government because Certain services are considered equally necessary for all people
Venture capitalist Investors who make loans to new businesses
Price Fixing The same cost for the whole industry, which is illegal
Specialization impact labor market? Higher wages, and increases production of labor
Started as door to door sales Direct
Uses in home parties Direct
Involves shipping/handling fees Direct
Provides a quick market reaction time Direct
Sells both goods and services Both
Largely targets women Direct
Offer wider goods and services Direct
Supplier goes to consumer Direct
Easy to profile customers Direct
Goal is to increase sales Both
There is potential profit Both
Interact with customers Both
Has sales people Both
Involves taking a risk Both
Stimulates economy Both
Involves a building Retail
Has high overhead costs Retail
Struggling to compete Retail
Involves taking a risk Retail
May be involved in both types of marketing Retail
Staff compensated based on salary or hours worked Retail
The traditional method Retail
Customer goes to supplier Retail
Created by: tatummilo333
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