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Marketing Chapter 3 Vocab

Mr. McCann

25 vocab words from Principles of Marketing, Chapter 3

Form Utility The graph of the relationship between price and quantity
Law of Supply A system where the government attempts to own and
Monopolistic Competition Unlimited wants and needs combined with limited resources
Economic Resources When the price of a product is reduced, more of it will
Pure Competition The point where supply and demand for a product are equal
Law of Demand The resources and decisions are shared between the
Demand Natural resources, capital, equipment, and labor
Demand Curve The relationship between the quantity of a product that
Time utility The study of the relationships between individual
Macroeconomics The decision to use resources toward the greatest satisfaction of
Scarcity The use of resources toward the greatest profit for the
Free Economy A system based on independent decisions by
Private enterprise All of the consumers who will purchase a particular
Regulated Economy The study of the economic behavior and relationships of
Value The relationship between price and quantity demanded
Supply The increased satisfaction arising from making the product
Market Price A type of market in which a few businesses offer very similar
Oligopoly The resources are owned by individuals rather than the
Microeconomics When the price of a product is increased, more will be
Profit Motive The economic condition where there are many
Economic Market The relationship between the quantity of a product consumers are
Supply Curve A market condition where there are a large number of
Controlled Economy A type of market in which there is one supplier offering a
Economic Utility The amount of satisfaction a consumer receives from
Monopoly The increased satisfaction arising from the change in

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