Marketing Economics
economic indicator
A(n) _________ reflects economic data, usually on a macroeconomic scale
Demand falls
According to the law of demand, as prices rise:
The higher quantity supplied
According to the law of supply, the higher the price:
Land
All natural resources, such as timber and gold, used in the production of a good. One of the major factors of production in economic theory.
Resources
All things needed in the production of goods and services; a source of aid or support that may be drawn upon when needed.
Capitalism
An economic system characterized by private ownership of businesses and marketplace competition. Also known as a Free Enterprise System.
Mixed Economy
An economic system that blends elements of a market economy and a planned economy; combining private and public enterprise.
Free Enterprise System
An economic system where the government places very few restrictions on the types of business activities or ownership that consumers want to engage in. This is also known as Capitalism.
Competition
The rivalry between businesses in the same field attempting to gain and retain customers.
Competition
The rivalry between sellers in the same field for consumers' dollars is known as:
Economics
The science of decision making when resources are limited.
Economics
The science of decision-making when resources are limited.
Entrepreneurship
The skills of the people who invest money and time into the innovations, start-up, and operations of a business.
Macroeconomics
The study of a national economy as a whole is known as:
Labor
The total of all human physical and mental effort used in creation of goods and services.
Price
The value in money or its equivalent placed on a good or service.
Who will get products?
"Who" in terms of an economic question refers to:
Scarcity
A country does not have enough resources to produce all the goods and services people need and want. This is the definition of:
Democracy
A form of government "by the people", where power is vested in the people and officials are elected through periodic elections.
Good
A physical, tangible item that satisfies some human want or need and has monetary value.
Risk
A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through precautionary action.
Communism
A social, political, and economic philosophy in which the government, usually authoritarian, controls the factors of production.
Service
An intangible, valuable action, deed, or effort performed to satisfy a need or to fulfill a demand.
Traditional Economy
Ancient form of economy in many second- and third-world countries where a surplus would rarely, if ever, be a problem.
Capital
Anything of value used to create or operate a business such as money or equipment.
Overage
At a price of $10 per gallon, supply exceeds demand for orange juice. What may exist in the juice market?
Entrepreneurship
Ben owns his own company and has an idea for a new product. This is an example of what factor of production?
market
Boost productivity, maintain prices, and lower unemployment are the three goals of which type of economy?
Public property
City Hall, parks, and highways are all examples of:
Demand
Consumers' desire and ability to purchase a product at a certain price.
Scarce
Economic resources are:
Capital
Equipment, machinery, and money are all examples of:
Shortage
Erika has eagerly awaited the debut of the new iPhone and saved for this purchase. When she arrives at the store, all are sold out, what has occurred?
Command
In a _________ economy, the government makes decisions about who receives what is produced.
Market
In a free enterprise system individuals and businesses own the resources and a free to exchange and contract with each other. The collective term for these exchanges is:
price
In a free enterprise system, _________ is established by the level of consumer demand willing suppliers.
Choice
In a free enterprise system, individuals have the freedom of _____ when it comes to their life, career, and business.
people
In a market economy the ________ make decisions about what will be produced.
Earning a profit
Individuals start businesses with the hopes of
Services are:
Intangible
Land
Iron ore, rubber, aluminum are all examples of:
Demand
Jacob purchases coffee every day from a local coffee shop. By purchasing coffee from this shop, Jacob is creating ______ specifically for coffee.
Decision making
Max, a restaurant owner, orders fish for the restaurant each month. This month, the price of his regular order is higher than normal because there was a limited supply of fish. This is an example of how scarcity creates the need for
business
Microeconomics is the study of economics at the individual, group or ________ level.
Efficiency
One of the goals of economic decision-making is to avoid wasting time, money and resources. This is known as:
Productivity
Output per worker hour that is measured over a defined period of time, such as a week, month, or year.
Goods
Shoes, headphones, and a soda are all examples of:
Unemployment Rate
Percentage of total workforce who are unemployed and are looking for a paid job.
Command Economy
System where the government of a nation decides on what to produce, when to produce it, and how much of it should be produced and distributed.
Supply
The amount of goods producers are willing to make and sell at a certain price.
Scarcity
The difference between wants and needs and available resources.
Supply
The four factors of production are the inputs needed for
demand
The level of _______ for a product helps companies decide what goods and services to produce.
Opportunity cost
The loss of potential gain or value from other alternatives, when another alternative is chosen.
Profit
The money earned from conducting business after all costs and expenses have been paid.
Equilibrium
The point at which supply and demand meet is known as:
Factors of Production
These are the economic resources of a nation: Land, labor, capital, and entrepreneurship.
Market Economy
This defines an economic system where businesses or people of a nation decide what to produce, when to produce it, and how to distribute it.
Private property
What is a piece of land, home, or car owned by an individual, family or group?
The power or freedom to have the final say
Which is the best definition for sovereignty?
Limited
Which of the following describes the role of the government in a free enterprise economy?
It is a combination of a market economy and command economy.
Which of the following statements about a mixed economy is true?
