economics

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list three benefits of Market Orientation.
brand loyalty, less risk, customers more likely to want/buy it.
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list three benefits of Market Orientation.
high costs of constant market research, hard to fulfill everyone's needs, changing needs = hard to keep up
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Demand is:
the customers want and ability to buy a certain product at a certain price.
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Supply is:
the amount of a product the a business will supply at a certain price.
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what is the law of demand?
as price decreases, demand increases.
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what are four factors that would change demand?
trends, incomes, price of complements and/or substitutes
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what is the law of supply?
as price rises, supply rises
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four factors that would change supply
tax, production costs, competitors pricing, trends
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what are complements?
two or more products that are commonly bought together
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what are substitutes?
products that are similar to one another
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what is the state of rest?
Equilibrium - when supply = demand
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what is excess supply?
when supply is higher than demand
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what is excess demand?
when demand is higher than supply
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what are the two axis on D/S graphs?
price and quantity
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on D/S graphs what direction of correlation does supply have?
positive correlation
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on D/S graphs what direction does the supply line move?
up to the left
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on the D/S graph what direction correlation does demand have?
negative correlation
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on D/S graphs what direction does the supply line move?
down to the left
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what is the definition of a market?
where buyers and sellers come together to trade goods and services
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what are normal goods?
goods you buy more of as income rises
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what are inferior goods?
goods you buy more of when income falls
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what is scarcity?
goods and services are scarce relative to peoples demand for them.
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what is choice?
people do not have unlimited incomes so they must make a choice whenever they purchase goods/services.
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what is opportunity cost?
cost in terms of what could have been bought as an alternative to the item chosen.
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Card 2

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list three benefits of Market Orientation.

Back

high costs of constant market research, hard to fulfill everyone's needs, changing needs = hard to keep up

Card 3

Front

Demand is:

Back

Preview of the front of card 3

Card 4

Front

Supply is:

Back

Preview of the front of card 4

Card 5

Front

what is the law of demand?

Back

Preview of the front of card 5
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