Match Each Definition to the Corresponding Term

question 166

Multiple Choice

Match each definition to the corresponding term.
-_____ is the sum of all goods and services produced by a nation in a year.

• A)environmental scanning
• B)environmental management
• C)competitive environment
• D)time-based competition
• E)economic environment
• F)demarketing
• G)consumerism
• H)marketing ethics
• I)social responsibility
• J)green marketing
• K)oligopoly
• L)gross domestic product
• M)planned obsolescence
• N)inflation
• O)socially responsible marketing
• P)political-legal environment
• Q)VoIP
• R)discretionary income
• S)antitrust
• T)strategic alliance

Understand the concept and implications of concentration ratios in different industries.

Analyze the impact and value of advertisement strategies in market efficiency.

Differentiate among various market structures based on the number of firms, product differentiation, and barriers to entry.

Recognize the characteristics and outcomes of monopolistically competitive markets.

---

Definitions:

Price Mechanism

The way in which prices rise and fall as a result of changes in supply and demand, allocating resources through the economy.

Equitable Distribution

The fair and just distribution of economic benefits across a society, aiming for a balanced allocation of wealth and opportunities.

Efficient Allocation

The process by which resources are optimally distributed to meet the needs and maximize the welfare of the economy or market.

Soviet Model

An economic and political system found in the former Soviet Union, characterized by state ownership of resources, central planning, and one-party rule.