Eng-Chapter-2

_____any place or process that brings together buyers and sellers with a view to agreeing on a price.

• Economy

• Society

• Technology

• Market

_____is one in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities.

• Time System

• Technological System

• Social System

• Market System

_____the government’s role is limited to protecting private property and establishing a legal environment in which contacts are enforced and people interact in market to buy and sell goods, services, and resources.

• Privatalization

• Nationalization

• Pure Capitalism

• Capitalism

_____government owns most property resources, and economic decision making is set by a central economic plan created and enforced by the government.

• The Market System

• The Pure Capitalism

• The Capitalism

• The command system

_____is a legal designation for the ownership of property by non-governmental legal entities.

• Private property

• Individual property

• People property

• Firm property

_____is  the act of considering the advantage to yourself when making decisions, and deciding to do what is best for you.

• Themselves-Interest

• Yourself-Interest

• Self-Interest

• Myself-interest

_____means activity in which businesses try to win in a certain market by defeating others which are trying to do the same.

• Capturing customers in the market

• Competition

• Defeating in Market

• Winning for Market

_____is a marketing situation in which there are a large number of sellers of a product which cannot be differentiated and, thus, no one firm has a significant influence on price.

• Monopolistic Competition

• Monopoly

• Pure competition

• Competition

There are numerous sellers trying to differentiate their products from those of competitors so as to have some control over price is______

• Monopolistic Competition

• Oligopoly

• Pure Competition

• Monopoly

_____is a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies.

• Pure Competition

• Oligopoly

• Monopoly

• Monopolistic Competition