Marketing Economics

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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?


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