Chapter 1 Workbook AND Marketing Workbooks
AND Sec Plus 401 Ports FROM CERTIFIED SOURCES
FROM ALL OVER THE WORLD Verified for Academic
Excellence Expert-Reviewed Questions and
Answers
Which is a type of resource? - CORRECT ANSWER- -capital
When a consumer approves of a business and purchases products from it, what is the
consumer demonstrating? - CORRECT ANSWER- -consumer acceptance
Where should a movie company advertise its new action film? - CORRECT ANSWER- -
during another action movie
When is it a good time to lower prices? - CORRECT ANSWER- -When there is a desire to
drive demand
What is demand elasticity? - CORRECT ANSWER- -the degree to which demand for a good
or service varies with its price
What is supply and demand? - CORRECT ANSWER- -the relationship between how much of
a good consumers want and how much of the good is available for purchase
Which concept describes price changes? - CORRECT ANSWER- -peaks and troughs
What is the relationship between price and supply? - CORRECT ANSWER- -as supply goes
down, price goes down,
as supply goes up, price goes up
,What is an advertisement? - CORRECT ANSWER- -an announcement promoting a product
or service
Which economic utility is based on goods being available when consumers are ready to
purchase them? - CORRECT ANSWER- -time
Which is a good? - CORRECT ANSWER- -a container of nuts
What is a service? - CORRECT ANSWER- -a valuable effort that fulfills a demand
What is something tangible that people find useful and want to acquire? - CORRECT
ANSWER- -a good
What will cause a consumer to pay more for a product that is scarce? - CORRECT
ANSWER- -the importance of the product to the consumer
Match each key term with the correct definition. - CORRECT ANSWER- -profit: the amount
of money made, after subtracting costs from earnings
incentive: a reward, such as money, that encourages someone to act in a certain way
Why is profit important for businesses? - CORRECT ANSWER- -It allows them to continue
selling products.
What pricing factor is considered when store brands price against name brands? -
CORRECT ANSWER- -competition
, Match each key term with the correct definition. - CORRECT ANSWER- -price-fixing: an
agreement between sellers to sustain prices at a certain level
marketing costs: expenses associated with getting goods and services to consumers
What concept of pricing is based on location? - CORRECT ANSWER- -geographic
What trend did Jeff Bezos identify that sparked the development of Amazon? - CORRECT
ANSWER- -Internet usage
Catalogs are still good for advertising.
Is the previous statement true or false? - CORRECT ANSWER- -True
What is a key factor in targeting the consumer market? - CORRECT ANSWER- -
understanding what consumers want
What is a regulatory challenge businesses face? - CORRECT ANSWER- -technology rules
Which option best describes an economic resource? - CORRECT ANSWER- -A teacher
conducting classes in a high school is an example of a human economic resource.
In what type of economy does the government control what products are made and
provided to consumers? - CORRECT ANSWER- -command
What do market and traditional economic systems have in common? - CORRECT ANSWER-
-In both economies, people can trade whatever they choose.
AND Sec Plus 401 Ports FROM CERTIFIED SOURCES
FROM ALL OVER THE WORLD Verified for Academic
Excellence Expert-Reviewed Questions and
Answers
Which is a type of resource? - CORRECT ANSWER- -capital
When a consumer approves of a business and purchases products from it, what is the
consumer demonstrating? - CORRECT ANSWER- -consumer acceptance
Where should a movie company advertise its new action film? - CORRECT ANSWER- -
during another action movie
When is it a good time to lower prices? - CORRECT ANSWER- -When there is a desire to
drive demand
What is demand elasticity? - CORRECT ANSWER- -the degree to which demand for a good
or service varies with its price
What is supply and demand? - CORRECT ANSWER- -the relationship between how much of
a good consumers want and how much of the good is available for purchase
Which concept describes price changes? - CORRECT ANSWER- -peaks and troughs
What is the relationship between price and supply? - CORRECT ANSWER- -as supply goes
down, price goes down,
as supply goes up, price goes up
,What is an advertisement? - CORRECT ANSWER- -an announcement promoting a product
or service
Which economic utility is based on goods being available when consumers are ready to
purchase them? - CORRECT ANSWER- -time
Which is a good? - CORRECT ANSWER- -a container of nuts
What is a service? - CORRECT ANSWER- -a valuable effort that fulfills a demand
What is something tangible that people find useful and want to acquire? - CORRECT
ANSWER- -a good
What will cause a consumer to pay more for a product that is scarce? - CORRECT
ANSWER- -the importance of the product to the consumer
Match each key term with the correct definition. - CORRECT ANSWER- -profit: the amount
of money made, after subtracting costs from earnings
incentive: a reward, such as money, that encourages someone to act in a certain way
Why is profit important for businesses? - CORRECT ANSWER- -It allows them to continue
selling products.
What pricing factor is considered when store brands price against name brands? -
CORRECT ANSWER- -competition
, Match each key term with the correct definition. - CORRECT ANSWER- -price-fixing: an
agreement between sellers to sustain prices at a certain level
marketing costs: expenses associated with getting goods and services to consumers
What concept of pricing is based on location? - CORRECT ANSWER- -geographic
What trend did Jeff Bezos identify that sparked the development of Amazon? - CORRECT
ANSWER- -Internet usage
Catalogs are still good for advertising.
Is the previous statement true or false? - CORRECT ANSWER- -True
What is a key factor in targeting the consumer market? - CORRECT ANSWER- -
understanding what consumers want
What is a regulatory challenge businesses face? - CORRECT ANSWER- -technology rules
Which option best describes an economic resource? - CORRECT ANSWER- -A teacher
conducting classes in a high school is an example of a human economic resource.
In what type of economy does the government control what products are made and
provided to consumers? - CORRECT ANSWER- -command
What do market and traditional economic systems have in common? - CORRECT ANSWER-
-In both economies, people can trade whatever they choose.
