Economic Basics
This term refers to all activities involved in developing and exchanging products.
What is business?
This type of business sells goods directly to consumers.
What is a retailer?
In this economy, traditions and customs guide economic decisions.
What is a traditional economy?
This term means identifying, anticipating, and satisfying customer demand profitably.
What is marketing?
This economic problem occurs when resources are limited but wants are unlimited.
What is scarcity?
Businesses that take natural resources from the land are called these.
What are extractors?
In this economic system, the government makes all major economic decisions.
What is a command (planned) economy?
This refers to the specific group of customers a business focuses on.
What is a target market?
These are the four economic resources used to produce goods and services.
What are land, labor, capital, and entrepreneurship?
This type of business turns raw materials into finished products.
What is a manufacturer?
What is the highest point in the business cycle called?
What is the peak?
Name the Four Ps of Marketing.
What are product, price, place, and promotion?
This measure divides a country’s GDP by its population.
What is GDP per capita?
These businesses buy in bulk from producers and sell to retailers.
What are wholesalers?
This stage of the business cycle marks the lowest level of economic activity.
What is the trough?
This process divides a market into geographic, demographic, psychographic, or behavioral groups.
What is market segmentation?
This curve shows consumers are willing to buy fewer goods at higher prices.
What is the demand curve?
Which type of business provides storage and transportation services between producers and retailers?
What are wholesalers?
Name the correct order of the business cycle stages starting with expansion.
What is expansion → peak → recession → trough?
This document outlines marketing objectives and strategies and is updated yearly.
What is a marketing plan?