Question

1. a company that sells directly to individual consumers is called a:

a. b2b company
b. franchise
c. b2c company
d. mixed economy

1. the 4 ps of marketing are:

a. people, product, profit, promotion
b. price, product, place, promotion
c. planning, product, price, performance
d. product, process, policy, price

1. a mixed economy is one that:

a. is controlled only by the government
b. allows no trade
c. combines free market and government regulation
d. focuses on scarcity

1. the profit motive encourages businesses to:

a. raise prices unfairly
b. operate at a loss
c. work for social welfare
d. earn money by meeting customer needs
part ii - matching (1 pt each)
match each term with the correct definition. write the letter on the line.

1. scarcity
2. supply and demand
3. market economy
4. equilibrium point
5. market segmentation

a. the point where supply equals demand
b. dividing customers by shared characteristics
c. when resources are limited and choices must be made
d. buyers and sellers freely determine prices
e. trade of goods and services between buyers and sellers
part iii - short answer (3 pts each)

1. explain the difference between importing and exporting.

Explanation:

• Question 7: B2C (Business - to - Consumer) companies sell directly to individual consumers. B2B (Business - to - Business) sells to other businesses. A franchise is a business model where one party (the franchisor) grants the right to use its brand and business model to another party (the franchisee). A mixed economy is an economic system, not a type of company.
• Question 8: The 4 Ps of Marketing are Price (determining the cost of the product), Product (the item or service being sold), Place (where the product is distributed), and Promotion (how the product is advertised).
• Question 9: A mixed economy combines elements of a free market (where supply and demand play a role in resource allocation) and government regulation (the government intervenes in areas like public services, welfare, and sometimes price controls).
• Question 10: The profit motive encourages businesses to earn money. The most sustainable way for a business to earn money in a competitive market is by meeting customer needs. Raising prices unfairly (A) is not a long - term strategy. Operating at a loss (B) is not profitable. While some businesses may engage in social welfare initiatives, the primary driver of the profit motive is profit - making, not just social welfare (C).
• Question 11: Scarcity is when resources are limited and choices must be made.
• Question 12: Supply and Demand is the trade of goods and services between buyers and sellers.
• Question 13: In a Market Economy, buyers and sellers freely determine prices.
• Question 14: The Equilibrium Point is the point where supply equals demand.
• Question 15: Market Segmentation is dividing customers by shared characteristics.
• Question 16: Importing is bringing goods or services into a country (or region) from another. Exporting is sending goods or services out of a country (or region) to another.

Answer:

1. C. B2C company
2. B. Price, Product, Place, Promotion
3. C. Combines free market and government regulation
4. D. Earn money by meeting customer needs
5. C
6. E
7. D
8. A
9. B
10. Importing is bringing goods/services into a country/region. Exporting is sending goods/services out of a country/region.