Chapter 8 Sports & Entertainment Marketing Review Quiz

_______ is the study of how goods and services are produced/distributed, and consumed

• Business

• Economics

• Marketing

• Supply Chain Management

___________ is the relationship between the quantity of a product that consumers are willing and able to purchase and the price

• Demand

• Equilibrium

• Supply

• Pricing

_____________ is the relationship between the quantity of a product the producers are willing and able to provide and the price

• Demand

• Equilibrium

• Supply

• Pricing

_____________ are the ups and downs of the economy.

• Business Cycle

• Recession

• Recovery

• Trends

_____________ is the economic practice where consumers and business make their own decisions in regards to purchases and production

• Closed Enterprise System

• Free Enterprise System

• Marketing

• Pricing

During a ________________ consumers cut spending because it is difficult for them to afford multiple events

• Business Cycle

• Recession

• Recovery

• Pricing Period

During the __________ phase of the business cycle, demand and production increase.

• Business Cycle

• Recession

• Recovery

• Pricing Period

________ is the amount customers pay for products/services

• Cash

• Credit

• Price

• Promotion

________ is the amount customers pay for products/services

• Cash

• Credit

• Price

• Promotion

Salespeople use the ________ _____ _____________ practice when a product is advertised for a lower price but is out of stock so they sell a higher

• Bait and Switch

• Price discrimination

• Price fixing

• Trade-in allowance