Ch 3 Marketing Begins with Economics
| controlled economy |
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 |
| demand |
a relationship between the quantity of a product consumers are willing and able to purchase and the price |
| economic market |
all of the consumers who will purchase a particular product or service |
| free economy |
an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control |
| macroeconomics |
the study of economic behavior and relationships for the entire society |
| market price |
the point where supply and demand for a product are equal |
| microeconomics |
the study of relationships between individual consumers and producers |
| mixed economy |
an economic system in which some goods and services are provided by the government and some by private enterprise |
| monopolistic competition |
the type of market where many firms compete with products that are somewhat different |
| oligopoly |
a few businesses offer very similar products or services |
| private enterprise |
an economic system based on independent decisions by businesses and consumers with only a limited government role |
| pure competition |
the type of market in which there are a large number of suppliers offering very similar products |
| scarcity |
the result of unlimited wants and needs combined with limited resources |
| supply |
a relationship between the quantity of a product that producers are willing and able to provide and the price |
| Economic Utility |
Amount of satisfaction a consumer receives from the consumption of a particular product or service |