Entrepreneurship II: Objective 3.07 Vocabulary Quiz

The highest legal price that can be paid in markets for goods and services, labor, or financial capital. A price ceiling keeps a price from rising above a certain level.

• Elasticity

• Ceilings

• Exchange Price

• Medium

The rivalry between two or more businesses to attract scarce customer dollars.

• Market

• Competition

• Market Research

• Marketing

A retail store competing on the basis of low prices and offering limited customer service.

• Discount Store

• Marketing

• Market Research

• Promotion Decisions

An economic measure of the change in the quantity demanded or purchased of a product in relation to its price change.

• Elasticity

• Ceiling

• Floor

• Medium

The amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service.

• Pricing

• Profit Margin

• Price Elasticity

• Exchange Price

The lowest legal price that can be paid in markets for goods and services, labor, or financial capital; keeps a price from falling below a certain level.

• Elasticity

• Floors

• Ceilings

• Medium

A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire.

• Employee

• Competition

• Market

• Entrepreneur

An organization’s portion of the total industry sales in a specific market.

• Marketing Research

• Marketing Mix

• Market Share

• Promotion Decisions

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relations in ways that benefit the organization and its stakeholders.

• Market

• Marketing

• Pricing Objectives

• Medium

The combination of the four elements of marketing—product, place, promotion, and price.

• Marketing Research

• Marketing Mix

• Market Share

• Pricing Objectives