DE Marketing lA UNIT 3 23/24

While economics is about understanding how people make decisions in the face of scarcity, _____ focuses on how businesses promote a product or services to make it more desirable to customers.

• accounting

• equilibrium

• demand

• marketing

What term plays an important role in understanding economics and can be described as the intangible actions people perform in exchange for compensation?

• goods

• services

• resources

• scarcity

At any given time, there's a finite amount of resources available, which means that the demand for goods and services in an economy _____ the supply of what is available.

• falls behind

• is inferior to

• falls short of

• always exceeds

At its core, economics studies how human beings make decisions in situations when something is in short supply, otherwise known as what?

• scarcity

• demand

• profit

• costs

The amount of desire people have for a particular product or service is known as its _____, whereas the total number of products or services available in an economy is known as _____:

• utility; resources.

• • 
    

    demand; supply.

• implicit cost; explicit cost.

• supply; demand.

What term best describes the individual decisions people make in an economy?

• microeconomics

• implicitly

• explicitly

• macroeconomics

This plays an important role in determining when to release a new phone or film and the best times to keep the business open for maximum foot traffic as related to the economic utility of time.

• political events

• seasonal changes

• employee input

• market research

Whether a company creates products or services, it requires things like labor, time, tools, land, and raw materials to operate, which are otherwise known as _____.

• economic services

• economic goods

• economic resources

• economic scarcity

What economic utility has to do with how and where a product is made available to the public, whether it be a physical storefront anywhere in the world, a website, or an app?

• form

• time

• place

• possession

Just a like a car needs a driver to operate (outside of driverless cars), marketing also needs what in which to operate?

• a retail store

• an economy

• an equilibrium

• a profit margin