Marketing Chapter 6 Review

What is the term used to describe the study of how people choose to use resources?

• Psychology

• Sociology

• Economics

• Anthropology

What concept explains the impact on individuals and nations when resources are limited?

• Demand

• Scarcity

• Supply

• Opportunity

How many major factors of production are there according to the objectives?

• Two

• Three

• Four

• Five

Which term refers to the basic elements used in the production of goods and services?

• Opportunity cost

• Factor of production

• Productivity

• Entrepreneurship

What is the term for the cost of the next best alternative use of money, time, or resources when one choice is made over another?

• Scarcity

• Supply and demand

• Opportunity cost

• Capital good

Which term describes the limited nature of society's resources?

• Economics

• Scarcity

• Labor

• Infrastructure

What is the term for the effort that people contribute to the production of goods and services?

• Capital

• Technology

• Labor

• Natural resource

What term is used to describe the ability of an individual or group to develop new enterprises or create new products and services?

• Supply and demand

• Productivity

• Capital good

• Entrepreneurship

What is Economics?

• A science that deals with the study of laws

• A science that deals with examining how goods and services are produced, sold, and used

• A branch of mathematics that deals with numbers and quantities

• A field of engineering that deals with the construction of buildings

What does the economic principle of supply and demand relate to?

• The financial strategies of a company

• The marketing techniques used in advertising

• The quantity of products available to meet consumer demand

• The legal regulations surrounding trade and commerce