Questions and Answers: Introduction to Marketing
Lesson 1 (5.0 points) 1. What is scarcity? (1.0 points)
Scarcity is the condition of people having unlimited wants but living in a world with limited resources. 2. What is an economy? (1.0 points)
An economy is a system of trade. Trade is the exchange of things of value. 3. What is a commodity? (1.0 points)
A commodity is something of value that can be bought, sold, or traded, such as a book, a car, or tutoring lessons.
4. What is a producer? (0.5 points)
A producer is someone who makes a commodity available for sale or exchange. If you are selling something, you are a producer. 5. What is a consumer? (0.5 points)
A consumer is someone who buys or trades in order to receive the commodity. If you are buying something, you are a consumer.
6. What is a good? (0.5 points)
A good is an item of value that a person can buy or make and then sell to other people, such as a t-shirt, cake, or painting. 7. What is a service? (0.5 points)
A service is something of value that a person can do for other people, such as babysitting, tutoring, or landscaping. Lesson 2 (5.0 points) 1. What is the difference between the public sector and the private sector? (1.0 points)
A public sector is a governmental organization or agency – generally made for protecting the good of the public. A private sector refers to a business that’s owned by private individuals instead of the government. 2. What is a market economy regulated by? (1.0 points)
A market economy is an economic system that is regulated by the interactions between producers and consumers in the market.
3. What is a planned economy regulated by? (1.0 points) A planned economy is a system in which the government regulates the prices of commodities.
4. What is an entrepreneur? (1.0 points)
An entrepreneur is a person who starts a business. 5. What is nonprice competition? (1.0 points)
Nonprice competition is when a company tries to be better than
Scarcity is the condition of people having unlimited wants but living in a world with limited resources. 2. What is an economy? (1.0 points)
An economy is a system of trade. Trade is the exchange of things of value. 3. What is a commodity? (1.0 points)
A commodity is something of value that can be bought, sold, or traded, such as a book, a car, or tutoring lessons.
4. What is a producer? (0.5 points)
A producer is someone who makes a commodity available for sale or exchange. If you are selling something, you are a producer. 5. What is a consumer? (0.5 points)
A consumer is someone who buys or trades in order to receive the commodity. If you are buying something, you are a consumer.
6. What is a good? (0.5 points)
A good is an item of value that a person can buy or make and then sell to other people, such as a t-shirt, cake, or painting. 7. What is a service? (0.5 points)
A service is something of value that a person can do for other people, such as babysitting, tutoring, or landscaping. Lesson 2 (5.0 points) 1. What is the difference between the public sector and the private sector? (1.0 points)
A public sector is a governmental organization or agency – generally made for protecting the good of the public. A private sector refers to a business that’s owned by private individuals instead of the government. 2. What is a market economy regulated by? (1.0 points)
A market economy is an economic system that is regulated by the interactions between producers and consumers in the market.
3. What is a planned economy regulated by? (1.0 points) A planned economy is a system in which the government regulates the prices of commodities.
4. What is an entrepreneur? (1.0 points)
An entrepreneur is a person who starts a business. 5. What is nonprice competition? (1.0 points)
Nonprice competition is when a company tries to be better than