unit 2 marketing

and I can on the good or service that is scarce is one that is

in limited supply

what role does utility play in the implementation of the marketing concept

A satisfaction gauge

what do you consumers producers and the owners of resources do with the money payments to create a flow resources, goods, services, and money payments

Exchange

sugar and flour that are purchased to make baked goods are classified as

Materials

John only had $40 to spend and couldn't decide whether to buy a new pair jeans or go to the amusement park. I finally decided to spend his money on the amusement park. what was the opportunity cost of this decision

New pair jeans

task utility is about making changes to the characteristics of a

Service

cara ordered a dress for her school dance on Saturday. If the dress doesn't arrive until then the next Monday, it has no blank utility

Time

what determines whether an economic product is an industrial product or consumer product

Who buys and uses the product

changing a goods form involves which of the following

adding a new feature to the good

how are the businesses computers be classified

as equipment

in economics, capital goods include

buildings and equipment

in possession utility, a consumer finds a product helpful after doing what?

buying the product

which of the following is an example of economic want

clothing

student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a/an blank good

consumer

The ultimate goal of all economic activity is

consumption

bread for family would be classified as an blank product

convenience

what is the heart of economics

decision making

if a customer can't afford a product, a business should

do whatever it takes to help the customer afford it

producers to respond to consumers positive economic votes by

increasing production

each day a restaurant send it's used linens to a laundry mat to be cleaned and pressed. In economic terms the laundry service would be classified as a/an blank Service.

industrial

using a stream to supply water for crops is an example of using

natural resources

water and air are examples of blank resources, while people are considered to be blank resources

natural; human

what are for consumption to occur, goods and services must be

produced

distribution examines how income is divided between

producers and resource owners

to provide utility, A product must

provide satisfaction

the internet creates/ enhances form utility by

providing MP3 as an alternative to CDs

A product that provides utility for one business may provide none for another Business because utility is completely

relative

consumers are typically most willing to pay more for goods and services that bring them greater

satisfaction

Susan is willing to pay a high price for the brand of China that she wants for her home. This China would be classified as a/an blank product

specialty

marketers are in charge of

studying and analyzing customer satisfaction

Cassius your tapes and shipping form is used by a business would be classified as industrial

supplies

why are resources considered Limited

there are not enough available to everyone to have as much as they want

The marketing concept is all about the

customer

it's important for businesses to provide products when

customers need them

Michelle is trying to decide which goods and services to purchase so they can get maximum satisfaction. Michelle is

economizing

an example of a non-economic what would be the desire for

friend

sales clerk working part time at a clothing store is in example of an/A

human resource

which of the following economic resources is responsible for combining the other resources to produce goods and services

human resources

resources that enable businesses to operate are also known as

inputs

Marcus wants to buy a laptop, but he can't afford one right away. So, an electronic store holds it for him until he's able to pay the outstanding balance. This payment process is known as

layway

economic votes are cast by consumers each time they

make a purchase

which of the following statements regarding economic resources is true

natural resources, human resources, and capital goods are often referred to as factors of production

friendship would be considered a(n) _________ want.

noneconomic

A car manufacturer receives a shipment of bolts that are going to be used in the production of cars. What type industrial product would be the bolts

parts

individual customers view products through

personal lenses

when Jacqueline doesn't feel like going to store to buy her book she orders them online. What type of utility does this illustrate?

place

where product is available for purchase is referred to as

place utility

for consumer to be satisfied the four types of utility must be

present

to discover products level of utility, businesses measure the consumers

satisfaction

A gap between unlimited wants unlimited resources crates

scarcity

George has decided to purchase the dishwasher. He's checking the newspaper ads for the best place to get Quality goods and services at a reasonable price. What type of product is the dishwasher

shopping

when producers use the best combination of resources, consumers or more likely to get goods and services

they want

which of the following is an industrial good

tires for a tow truck

why do markers classify goods and services

to aid in marketing planning

which of the following is the best reason for studying economics

to prepare for affective decision making and responsible citizenship

A manager is willing to except the production of fewer products as long as her workers produce higher quality products. The manager is making a blank

trade off

A characteristic of human wants is that they are

unlimited

which one of the following groups of words best describes wants

unlimited, changing, competing

which of the following is a characteristic of economic services

useful

what are the three basic economic questions

what products Will be produced, how will products be produced, how are products be allocated

they good or service is scarce, consumers will usually be

willing to pay money to get it

when a stove use in a restaurant kitchen it is a

Capital good

which of the following economic resources helps people to get more productive

Capital goods

A fixed value in a mathematical formula and the speed of light in science are examples of

Constants

with place utility, when do businesses move the product to the right place

at every point in the process

two factors involved in determining the value of a resource, good, or service are

availability and demand

seeing a movie at a theater would be considered a(n) __________ want.

economic

Into what two categories can want to be divided

economic and noneconomic