Chapter-1
If I pay for all my needs, what is the leftover money called?
Discretionary income.
What is scarcity?
Occurs when there is a limited amount of resources needed to produce and distribute goods and services.
What is piracy?
The theft of copyrighted material.
If the trademark is the legal protection of words and symbols used by a company, then which company has a trademark and is very well-known?
What is a bait and switch?
Occurs when a product that is advertised at a low price is “out of stock,” so the salesperson tries to sell customers a higher-priced alternative.
If I pay 35 dollars for food and there 10% tax on it, what would be the price for it?
38.5.
What is economic utility?
The amount of satisfaction a person receives from the consumption of a particular product or service.
What is international marketing?
Marketing a product in another country.
What is the product life cycle?
Four stages of a product include introduction, growth, maturity, and decline.
What are the costs associated with running a business in addition to the cost of the merchandise?
It is the operating expenses.
What is promotion?
Ways to make customers aware of products and encourage them to buy.
If you owned a company, which of these key terms for marketing would be good for profit or loss?
Profit.
What is augmented reality?
When digital information is overlaid onto real-life video of an event.
What is the NCAA?
A voluntary organization through which the nation’s colleges and universities govern their athletics programs.
What is the law of supply?
When the price goes up, the supply produced goes up; when the price goes down, the supply goes down.
Name all four marketing elements of the marketing mix.
The four marketing elements are product, distribution, price, and promotion.
Which one of these is a profit motive?
1: buying a billboard.
2: giving stuff away for free.
3: Workers work harder.
Buying a billboard
What is ecotourism?
Responsible travel to natural areas that conserves the environment and improve the well-being of local people.
If you received, in addition to a base salary, what would that be called?
Fringe benefits.
If I decrease the cost of my product, would it create more or less customer traffic?
More customer traffic.
Give me a Demographic to which you could market a car?
18-100+
Econmics-If I study how the items were produced, what would be the next step?
Distributed.
What is the indirect economic impact
Determined by the multiplier effect, which is the portion of the money spent by visitors on local goods and services that is, in turn, spent by local employers and employees and re-circulated in the area.
The likelihood of high school athletes making it to the college or professional level of play, however, is very small. Overall, a little over 7 percent of high school athletes make it to college, so what is the chance if it is 7 percent?
(1 in 14)
If my money has inflation accrued to it, would the value of the money change or stay the same?
It would change due to the inflation of the money.