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Marketing Test
Chapter 2
| Question | Answer |
|---|---|
| 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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