What Does the Term Economic Environment Refer To

question 59

Multiple Choice

What does the term economic environment refer to?

• A) It refers to the unique micro-economic factors of local markets.
• B) It refers to the application of science to convert resources to output.
• C) It refers to the evaluation of the strengths and weaknesses of current competitors' marketing strategies.
• D) It refers to a marketing mix that customers see as better than a competitor's mix.
• E) It refers to the macro-economic factors that affect patterns of consumer and business spending.

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Definitions:

Slice of Pie

Often used metaphorically to represent a portion or share of something, such as profit or resources.

Marginal Utility

The additional satisfaction or utility received by a consumer from consuming one more unit of a good or service.

Macaroni And Cheese

A popular dish made typically from cooked macaroni pasta and a cheese sauce, often with added ingredients such as breadcrumbs or meat.

Serving

The portion or quantity of food designated as a single helping.