Marketing Chapter 7.1 Exam With Actual Questions And Correctly Well Defined Answers.

market supply - correct answer total supply of every seller willing and able to sell a specific product. market demand - correct answer the total demand of every person willing and able to buy a specific product. law of supply and demand - correct answer says that the greater the demand for a given supply of a product, the higher the price. equilibrium - correct answer the point at which the demand and supply curves intersect. profit motive - correct answer why people start and expand businesses. specialization - correct answer is assigning a worker or group of workers to a specific task for increased efficiency. non-price competition - correct answer a way other than price to win business. 3 market forces - correct answer supply & demand, profit, competition 2 ways businesses compete with one another - correct answer price & non-price competition consumers - correct answer determine which products will be produced by voting with their dollars by making purchases profit = - correct answer sales - costs specialization also referred to as - correct answer division of labor Henry Ford - correct answer one of the first to use specialization in his company by using the assembly line.