Vocab
what economic resource is needed to operate a business?
what is capital
During the last three months of the year, a grocery store stocks its shelves with plenty of frozen turkeys in order to increases the turkey's _______________ utility.
what is Time Utility
The marketing function of ______________ is used when Mayfield Milk decides how many trucks to use to transport its products in a timely manner to reduce product spoilage
what is distribution
Almost 90% of manufactured metals are
what is ferrous metals
This is one of the most commonly used plastics. It’s lightweight, strong, typically transparent and is often used in food packaging and fabrics (polyester). Ex: : Beverage bottles, Food bottles/jars, and polyester clothing or rope.
what is Polyethylene Terephthalate
what is PETE
a rivalry between two or more businesses to attract limited customer dollars is a
what is competition
Changing old wood into a tree house for little kids in an example of _____________ utility
what is form utility
You were just hired at PetSmart to be a cashier. Your job includes running the cash register and assisting customers with their needs. This job is an example of the ___________ marketing function.
what is selling
Non-ferrous metals are alloys or metals containing zero (or very little)
what is iron
Collectively, Polyethylene is the most common plastics in the world, but it’s classified into three types: High-Density, Low-Density and Linear Low-Density. Ex: Milk cartons, detergent bottles, cereal box liners, toys, buckets, park benches and rigid pipes.
what is High-Density Polyethylene
what is HDPE
who makes the decisions for the 3 economic questions in a market economy?
what is consumers
The struggle for customers between two or more companies is considered _____
what is competition
Annie has decided to mark up the cost of the newest bathing suit line she just ordered for her boutique by 50%. This is an example of the __________ marketing function.
what is pricing
Non-ferrous metals are usually obtained from minerals like
what is carbonates
what is silicates
what is sulphides
This hard and rigid plastic is resistant to chemicals and weathering, making it desired for building and construction applications; while the fact that it doesn’t conduct electricity makes it common for high-tech applications, such as wires and cable. Ex: Plumbing pipes, credit cards, human and pet toys
what is Polyvinyl Chloride
what is PVC
what is vinyl
changing old wood into a tree house for the little kids is an example of this kind of utility
what is form
The price at which both buyers and sellers agree is known as ______.
what is Market Clearing price or equilibrium
When Lois, a small business owner, decides to become a sponsor in his local community's annual Cancer Walk in order to create publicity for his company, he is making decisions in relation to the _________ marketing function
what is promotion
approximately 5% of the earth’s crust is (its a very easy metal to find)
what is iron
A softer, clearer, and more flexible version of HDPE. It’s often used as a liner inside beverage cartons, and in corrosion-resistant work surfaces and other products. Ex: Plastic/cling wrap, sandwich and bread bags, bubble wrap, garbage bags, grocery bags and beverage cups.
what is Low-Density Polyethylene
what is LPDE
a economy in which both consumers and private businesses make the majority of economic decisions
free enterpirses
New Zealand promotes private ownership of businesses where competition among business owners drives prices. They are considered to be closer to which type of economic system?
what is market
Honda recently opened a plant in a town in hopes of building their vehicles cheaper. When Honda began interviewing potential employees, they found there were few educated and trained employees in the area. The limited number of potential employees compared to Honda's need for trained and educated employees is considered to be the economic problem of _________.
what is scarcity
an alloy made up of several chemical elements, together with iron and carbon, to create a strong and fracture-resistant metal.
what is steel
This is one of the most durable types of plastic. It is more heat resistant than some others, which makes it ideal for such things as food packaging and food storage that’s made to hold hot items or be heated itself. Ex: Straws, bottle caps, prescription bottles, hot food containers
what is Polypropylene
what is PP