How do consumers make their desires known to businesses
How do consumers determine what to produce?
In a market system, consumers decide what goods and services are produced by means of their purchases. If consumers want more of a good or service and are willing to pay for it, demand increases and the price of the good or service increases. Higher profits then attract new producers to the industry.
Why would the government require businesses to disclose information to consumers?
Require companies to disclose information to consumers. Allow individuals to operate their businesses in ways they think will maximize their profits. Which program provides enforcement of civil rights laws? Which is a critical rule for determining whether something is a public good?
What are three key things consumer or business decides?
The three major ways they can be organized are as a market economy, a command economy, or a mixed economy. In a market economy, consumers and businesses decide what they want to produce and purchase in the marketplace. They make these decisions by ? voting with their dollars.?
Why does the government use its powers to make sure that businesses disclose information to the public quizlet?
Why does government use its power to make sure businesses disclose information to the public? So they can get data and feedback from the consumers, so they can be efficient with their sales. To allow individuals to operate their businesses in ways they think will maximize their profits.
Why does the government use its power to make sure that businesses disclose so much information to the public?
Why does government use its power to make sure businesses disclose information to the public? So they can get data and feedback from the consumers, so they can be efficient with their sales. To allow individuals to operate their businesses in ways they think will maximize their profits.
What is a person who consumes a good or service but does not pay for it called?
A person who receives the benefit of a good without paying for it is called a. free rider. The government produces public goods because.
What are resources used to make all goods and services called?
In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
In what kind of an economy does the government make all the decisions?
centrally planned economy
A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.
Why does the government protect inventors and authors by offering them patents and copyrights?
Our nation’s founders recognized the value of intellectual property, and in the U.S. Constitution, they granted Congress the power to protect it. From the beginning of our nation, Congress has enacted patent and copyright laws to protect the works of creative people and to encourage others to be creative.
How people satisfy their needs and wants by making choices?
Economics is the study of how people seek to satisfy their needs and wants by making choices. Economics is about solving the problem of scarcity. All goods and services we produce are scarce. Scarcity implies quantities of resources to meet unlimited wants.
Why are individuals companies and governments required to constantly?
Why are individuals, companies, and governments required to constantly make choices about how to best utilize resources? There is always a scarcity of resources. EXPLANATION: Every time we choose to use a resource in one way we are giving up another way in which the resource could be used.
Why are economic resources also known as factors of production?
Economic resources are the goods or services available to individuals and businesses used to produce valuable consumer products. The classic economic resources include land, labor and capital. Resources also called factors of production or inputs, because they are used in production of goods and services.
What is the reward for satisfying the needs and wants of consumers and businesses?
Chapter 1 Wants and Needs Review
| A | B |
|---|---|
| A ________________ is anything you can use to make or obtain what you want or need. | resources |
| _____________ are material things you can see and touch. | goods |
| _____________ is the reward for satisfying consumers’ wants and needs. | profit |
How do individuals make decisions in economics?
Individuals make decisions based on the concept of utility. In other words, the decision made by the individual is supposed to increase that individual’s happiness or satisfaction. This concept is called rational behavior or rational decision-making.
What best describe a consumer?
A consumer is a person or a group who intends to order, orders, or uses purchased goods, products, or services primarily for personal, social, family, household and similar needs, not directly related to entrepreneurial or business activities.
How a product gets to customers is known as?
Distribution. Entails all activities involved in getting the right quantity of your product to your customers at the right time and at a reasonable cost.
How do the decisions that businesses make affect you as a consumer?
More consumers will buy the product that was a want to them, since the price went down and the consumer has the resources(money) to satisfy that want. How do the decisions that business make affect you as a consumer? Businesses offer goods/services based on the consumers want/need.
What is the idea that businesses must satisfy customers needs and wants in order to make a profit?
To market effectively, fashion marketers follow the principles of the marketing concept, which is the idea that businesses must satisfy customers’ needs and wants in order to make a profit.
What is the idea that a business should strive to satisfy customers needs and wants while generating a profit for the business?
The marketing concept is the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business.
What intermediary sells specifically to consumers?
Wholesalers are intermediaries that buy and resell products to retailers. Wholesalers sell to those who are going to put products in their own stores. These intermediaries generally don’t sell small quantities to final consumers, though there are exceptions, like supermarkets that sell in the wholesale model.
Is the process of satisfying customer wants and needs by providing products services or ideas?
The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers. Tangible items that have monetary value and satisfy your needs and wants.