Marketing Unit Two - Economics, Business, and Society

In order to compete effectively, it is important to learn as much as possible about your competitor’s marketing strategies.

• True

• False

Our government generally makes decisions of how much of a product will be produced.

• True

• False

The person credited with founding capitalism is Adam Smith who wrote Wealth of Nations.

• True

• False

A private enterprise economy is heavily regulated by government.

• True

• False

The main goal in socialism is to meet basic needs for all and to provide employment for many.

• True

• False

The Law of Economic Utilization states that there are limited resources and unlimited needs and wants.

• True

• False

A large supply of a product will usually cause consumers to place a lower value on it.

• True

• False

Economic resources are classified as land, capital, equipment, and consumers

• True

• False

In pure competition, there are a large number of suppliers offering very similar products.

• True

• False

If a company is successful, one of the benefits to an economy is that vendors and suppliers make more money.

• True

• False