The ________ Concept in Business Assumes That Consumers Are Mostly

question 24

Multiple Choice

The ________ concept in business assumes that consumers are mostly interested in product availability at low prices.

• A) marketing
• B) societal
• C) product
• D) production
• E) technology

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Definitions:

Entrepreneur

A person who introduces new products or improved technologies and decides which projects to undertake. A successful entrepreneur’s actions will increase the value of resources and expand the size of the economic pie.

Financial Capital

Economic resources measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services.

Law Of Supply

The principle that, all else equal, an increase in the price of goods will lead to an increase in the quantity supplied.

Good

An item or service that satisfies human wants and provides utility, which can be transferred or sold.