Marketing Ch.3 - Marketing Begins with Economics

People's wants and needs are ___.

• limited
• unlimited
• the same as resources

True or False:
The cost of resources is the same no matter what economic system a society uses.

• True
• False

The United States has many characteristics of a _____ economy.

• market
• free
• competitive

The people that buy the products are____.

• producers
• consumers
• marketers

The basic economic problem is ____.

• scarcity
• greed
• food shortage
• demand

True or False:
In a market economy, the government owns and controls important resources and makes the decisions about what will be produced and consumed.

• True
• False

True or False:
In a a private enterprise economy the government controls exchange activities between producers and consumers.

• True
• False

A relationship between the quantity of a product consumers are willing and able to purchase and the price is called ____.

• Demand
• Supply
• Value

True or False:
You have scarcity if there are unlimited wants and needs combined with limited resources.

• True
• False

In a(n) __________ economy, some goods and services are provided by the government and some by privateenterprise.

• free
• market
• mixed
• controlled