Voluntary Exchange Between Buyers and Sellers Generates ________ in a Market

question 165

Multiple Choice

Voluntary exchange between buyers and sellers generates ________ in a market economy.

• A)scarcity
• B)allocative efficiency
• C)productive efficiency
• D)equity

Identify the strengths and weaknesses of advertising as a promotional tool.

Recognize the concept and impact of wasted coverage in advertising.

Comprehend the nature and importance of personal selling in the promotional mix.

Grasp the advantages of personal selling over other promotional methods.

---

Definitions:

Complex Adaptations

Traits that have evolved through many intermediate stages and provide a significant advantage to an organism in a particular environment.

Spinal Canal

The hollow space within the vertebrae through which the spinal cord passes.

Notochord

A notochord is a flexible, rod-shaped structure found in the embryos of all chordates. Notochords served as the first “backbones” in early chordates, and in extant vertebrates the embryonic notochord becomes part of the vertebral column.

Primitive Brain

An early stage in the evolution of the brain, characterized by basic structures that control fundamental life functions, seen in lower animals.