POB Unit 3 Quiz

What are the 4 major principles of the U.S. Economic system?

People producing goods and services. They contribute physical and mental energy to the process.

The quantity of goods or services that consumers are willing and able to buy

An economics system where goods and services are owned and controlled by the people of the country.

Activities that are consumed the same time they are produced. They are intangtible. Example: haircut

Involves communicating information such as features and prices about products and services to potential customers.

The amount charged of the selling price to cover the operating expenses and profit usually stated as a percent.

Allows purchasing of goods and services by telephone, computer, television, fax, or door-to-door

Provide popular items, offer long operating hours, and are usually located in highly accessible

The channels of distribution is how products and services reach final customers and the businesses involved.

Involves communicating information such as features and prices about products and services to potential customers.

Businesses can decide what to produce and consumers can decide what to purchase

Selling price=product costs+operating expenses+profit is the ?

Seven functions of marketing: Product/service management, Distribution, Selling, Marketing-information management, Financing, Pricing, Promotion

Who sets the supply