Ch 3 Marketing Begins with Economics
controlled economy an economic system where the government attempts to own and control important resources and to make the decisions about what will be produced and consumed
demand a relationship between the quantity of a product consumers are willing and able to purchase and the price
economic market all of the consumers who will purchase a particular product or service
free economy an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control
macroeconomics the study of economic behavior and relationships for the entire society
market price the point where supply and demand for a product are equal
microeconomics the study of relationships between individual consumers and producers
mixed economy an economic system in which some goods and services are provided by the government and some by private enterprise
monopolistic competition the type of market where many firms compete with products that are somewhat different
oligopoly a few businesses offer very similar products or services
private enterprise an economic system based on independent decisions by businesses and consumers with only a limited government role
pure competition the type of market in which there are a large number of suppliers offering very similar products
scarcity the result of unlimited wants and needs combined with limited resources
supply a relationship between the quantity of a product that producers are willing and able to provide and the price
Economic Utility  Amount of satisfaction a consumer receives from the consumption of a particular product or service