In the 1970s, Alternate Channels Like Bank Machines (ATMs) Allowed

question 54

Multiple Choice

In the 1970s, alternate channels like bank machines (ATMs) allowed banks to reduce their

• A) advertising costs.
• B) personal selling costs.
• C) cost to serve the customer.
• D) media costs.
• E) product development costs.

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Definitions:

Purely Capitalist Economy

An economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.

Features of Capitalism

include private property ownership, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets, driving economic growth and innovation.

Corporate Entities

Organizations or companies recognized by law as a single entity, separate from its owners, with its own rights, responsibilities, and liabilities.

Oligopolies

Giant corporations that control part of an economy. They are few and tend not to compete against one another. Instead, they can set prices at levels that are most profitable for them.