Normally, consumers are not concerned about a product being worth the cost of an item.

When consumers spend their money, they are participating in the economic activity.

Marketing does not play a role economic activity.

Economic resources are divided into five categories.

An economist is a professional who studies and understands the economy.

The economy has no effect on the production and consumption of economic goods and services.

Five types of economic utilities,

What utility is the ease of product accessibility? HAHA

______ utility is the necessary information abut a products accessibility to the customer.

___ utility is when a complete product is offered by a company.

____ utility is having a company's products at a convenient location.

____ utility is the availability of goods and services when the customer wants them.

Satisfying the wants and needs of consumers is a constant concern of economic utility.

Economic resources are divided into three categories: Land, labor, and _______

______ is the problem of trying to meet infinite wants with limited resources.

______ is an example of scarcity.

Shortage is best described when the demand for a good or service is less than the supply.

Economies are so complex that economists often disagree on the causes of the economy's growth and shrinkage.

_________ is the value of the next best alternative that was not chosen in a trade-off.

Businesses view an opportunity cost as the "price" of taking a course of action.

Marketers are not concerned about opportunity costs and trade-offs before making a decision.

A function of an economic indicator is ______

Consumers use ______ money to purchase goods and services at high prices.

__________ is the process of influencing customers with attributes of its product.

The 5 steps to follow when making economic decisions are:

The three concerns a society uses to develop or determine it's economic system are:

The four types of economic systems are:

The U.S operates under two types of economies:

There is no truly free market economy in the world, but the U.S. uses many free market principles.

traditional economies are people that rely on farming, hunting, gathering, and often barter for exchange of goods and services.

Centrally planned economies are not controlled by the government - the people make the decision.

Mixed economies are very common and found everywhere in the world.

The United States, Sweden and Iceland all use a _____ economy system.

Six major features of the US economy system include: free market, taxation, regulation, profit incentive, competition, and _______

The purpose of a mixed economy is that the government supervises the production of goods and services to ensure that the economy is stable and equitable.

Demand refers to the amount of goods that customers want.

The interaction of supply and demand affects the prices of products because when supply is _____ and demand is ____, prices are _____

Supply refers to the amount of goods that are unavailable to consumers.

the law of supply states that the ____ a products price, the ___ the supply will be for that product.

The law of demand states that the ____ prices of a product, the ____ demand there will be for that product.

____ is the point at which the supply and demand curves intersect.

The price of a good or service has no influencing factor on the consumers purchasing decision.

competition is beneficial to the economy. It promotes economic growth.

______ are signs of both a healthy and unhealthy economy

_____ is the study of large-scale economic factors that indicate the condition of the economy.

Five economic factors that affect the business environment are:

____________= the total monetary value of goods and services produced in a country during one year.

The GDP formula is: GDP=C+I+G+(X-M)

The C stands for:____

The I stands for:____

The G stands for:____

The X-M stands for:____

A(n) ____ is a good or service brought into a country.

A(n) ____ is a good or service shipped out of a country.

The GDP rate that never fluctuates and stays the same all the time.

______ is a general income in prices and fall in the purchasing value of money.

_____ is the decrease in prices and increases in the value of money.

When a number of workers in the labor force are with jobs, the unemployment rate, or percentage of people without jobs and wages, rises.

The concept of _____ is a measure of economic output in terms of workers input.

Businesses are continually trying to maximize productivity to increase profits.

There are 4 common market structures found in today's economy. They are:

____ is a sum of money paid in the exchange for a loan made by a bank or creditor.

APY=

APR=

The periods of growth and contraction measured by GDP are called _____ _____.

A business cycle has periods of growth called ____ and periods of decline called ____.

When spending is low in an economy, a business may not earn as much ____

In a weak economy businesses will often ramp up marketing efforts toward existing customers through _____ or ____

The government plays no role in the U.S. economy.

The government is involved in six important ways in the business economy. They are:

____ is a market structure where a small number of business have control of a market.

Perfect competition refers to many businesses selling identical products

An example of the government providing a public service to the economy would be collecting taxes from citizens, which in turn support public goods and services.

A market structure where a single business has exclusive control of a market is a _______

The government provides structure and enforcement of many laws to support a high-functioning economy.

The most common measure of inflation is the ____ ____ ____ or CPI

The aspects of making, selling and providing products in exchange for money is known as:

A ____ is a tangible item that is produced and sold to consumers.

Which of the following is NOT an example of a service?

A method of selling that involves analyzing customer wants and needs and aiming to fulfill them better than competitors is known as:

What other term is used to describe market research?

One example of an economic utility is:

Consumer decisions are influenced by:

Which of the following is not a market structure?

The problem with trying to meet infinite wants with limited resources is called:

The amount of goods that are available to consumers is known as what?