Shared Flashcard Set

Details

Marketing Chapter 3
Test Questions
32
Computer Science
12th Grade
10/11/2010

Additional Computer Science Flashcards

 


 

Cards

Term
An economic system where the government attempts to own and control important resources and to make the decisions about what will be produced and consumed
Definition
Controlled Economy
Term
The type of market in which there is only one supplier offering a unique product
Definition
monopoly
Term
The result of unlimited wants and needs combined with limited resources
Definition
Scarcity
Term
The study of economic behavior and relationship for the entire society
Definition
Macroeconomics
Term
The use of resources toward the greatest profit for the producer
Definition
Profit motive
Term
The point where supply and demand for a product are equal
Definition
Market price
Term
The type of market in which there are large number of suppliers offering very similar products
Definition
Pure Competition
Term
An economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control
Definition
Free economy
Term
A graph that illustrates the relationship between price and the quantity supplied
Definition
Supply curve
Term
An economic system based on independent decisions by business and consumers with only a limited government role
Definition
Private Enterprise
Term
True or False: A private enterprise economy is heavily regulated by government.
Definition
False
Term
True or False: Consumers have limited resources and unlimited needs and wants.
Definition
True
Term
Changes in a product’s physical features affect its _______ utility.
Definition
Form
Term
True or False: A larger supply of a product will usually cause consumers to place a lower value on it.
Definition
True
Term

When the price of a product is increased, a smaller quantity will be purchased. That statement is known as which of the following?

  1. The law of supply
  2. The law of demand
  3. The law of the land
  4. The law of economic utility
Definition
2. The law of demand
Term
True or False: Economic resources are classified as natural resources, capital, equipment, and consumers.
Definition
False
Term
17. In pure competition, there are a large number of suppliers offering which of the following?
  1. Very similar products
  2. Somewhat different products
  3. Unique products
  4. An unlimited supply of products
Definition
1. Very similar products
Term
True or False: The quantity of a product that producers are willing and able to provide at a specific price is known as demand.
Definition
False
Term
Locating an automated teller machine in an airport is an example of improving the _____ utility for banking services.
Definition
Place
Term
_______ is a relationship between the quantity of a product that producers are willing and able to provide and the price.
Definition
Supply
Term
True or False: Individuals who purchase products and services to satisfy needs are known as producers.
Definition
False
Term
The relationship between price and the quantity demanded is often illustrated in a graph known as a(n) _______ curve.
Definition
Demand
Term
True or False: In theory, a business in a monopoly can charge any price because it is selling a unique product.
Definition
True
Term
In a __________, some goods and services are provided by the government and some by private enterprise.
Definition
mixed economy
Term
The ________ is the use of resources to obtain the greatest profit.
Definition
profit motive
Term
__________ is an individual view of the worth of a product or service.
Definition
Value
Term
__________ examines the relationships between individual consumers and producers.
Definition
Microeconomics
Term
The relationship between price and the quantity demanded is often illustrated in a graph is a __________.
Definition
demand curve
Term
____________ are classified as natural resources, capital, equipment, and labor.
Definition
Economic resources
Term
In an __________ a few businesses offer very similar products or services.
Definition
oligopoly
Term
In ____________, there are many firms competing with products that are somewhat different.
Definition
monopolistic competition
Term
________________ is the amount of satisfaction a consumer receives from the consumption of a particular product or service.
Definition
Economic utility
Supporting users have an ad free experience!