Stack #2599544

Question Answer
Economy The system of production and distribution and consumption. The overall measure of a currency system.
Free Market Any market in which trade is unregulated ;an economic system free from government intervention. Allows supply and demand to regulate prices, wages, etc, rather than government
Competition The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of marketing mix.
Profit The excess of total revenues over total cost in given time period
Price Competition The rivalry among firms seekers to attract customers on the basis of price, rather than by the use of other marketing factors
Factors Of Production The productive resources pf an economy, usually classified as land, labor, and capital. Entrepreneurship is frequently included as a fourth factor of production.
Utility The excess of total revenues over total cost in given time period
Place Utility The increased usefulness created by marketing through making a product available at the place consumers want it
Time Utility The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of marketing mix.
Possession Utility The increased usefulness created by marketing through making it possible for consumer to own, use, and consume a product. It is also called ownership utility.

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