Which Era of U

question 128

Multiple Choice

Which era of U.S.business history does the following statement best describe? "We are in the business of satisfying the needs and wants of consumers while achieving our own goals."

• A)the production era
• B)the sales era
• C)the marketing concept era
• D)the marketing orientation era
• E)the societal marketing era

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Definitions:

Rational Expectations

The hypothesis that forecasts of future values of economically relevant variables are based on all available information and are therefore optimal.

Keynesians

Followers and theorists of Keynesian economics, which emphasizes the need for government intervention in economies to manage output and demand through fiscal and monetary policies.

Classical School

A school of economic thought that emphasizes the importance of free markets, competition, and the self-regulating nature of economies.

Monetarists

Economists convinced that fluctuations in the money supply play a crucial role in influencing short-term national output and affect price levels over the long term.