Economics: Inflation and Competition
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Questions and Answers

One important benefit of competition is a ______ to innovation.

spur

Competition among companies can ______ the invention of new or better products, or more efficient processes.

compete

Innovation also benefits ______ with standards of living.

consumers

Innovation helps drive ______.

<p>economic growth</p> Signup and view all the answers

Innovation increases ______.

<p>increase</p> Signup and view all the answers

Products that are commonplace today were once ______.

<p>technological breakthroughs</p> Signup and view all the answers

Cars, planes, phones, televisions, the personal computer, and modern medicines all show how ______.

<p>innovation</p> Signup and view all the answers

Competition can lead companies to invent ______.

<p>new product</p> Signup and view all the answers

New products can ______ their profits.

<p>boost</p> Signup and view all the answers

New products help them avoid ______ lower-cost manufacturing processes.

<p>lower-cost manufacturing processes</p> Signup and view all the answers

Marketing is the process of identifying the goods and services that meet what peoples'______.

<p>need and want</p> Signup and view all the answers

Businesses develop great ______ by conducting research.

<p>marketing</p> Signup and view all the answers

Customers think they would like to be what? ______

<p>able</p> Signup and view all the answers

Firms also promote their products and services through such techniques as ______.

<p>4</p> Signup and view all the answers

Potential benefits ______ what motivates them to purchase.

<p>potential</p> Signup and view all the answers

Firms that market products often advertise when they face ______ from other firms.

<p>6</p> Signup and view all the answers

Firms that market products and services for which there is always some demand face ______ similar products.

<p>7</p> Signup and view all the answers

Buyers often rely on information to understand what?

<p>8</p> Signup and view all the answers

Flashcards

Competition

The rivalry between companies to attract customers.

Innovation

The process of creating new ideas, products, or methods.

Spur

To encourage or stimulate an action or process.

Lead

To be at the forefront in a particular area.

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Consumers

Individuals who purchase goods and services.

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Economic Growth

An increase in the production of goods and services in a country.

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Prosperity

The state of being successful or thriving, especially in financial terms.

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Luxury Items

Products that are not essential but are desirable for their quality or status.

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Technology

Tools and machines that improve efficiency or productivity.

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New Products

Goods that are newly created or introduced in the market.

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Boost

To increase or improve something.

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Increase

To become greater in size, amount, or degree.

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Identify

To recognize or determine the nature of something.

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Goods and Services

Products and activities available for sale.

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Marketing Research

The process of gathering, analyzing, and interpreting information about a market.

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Promote

To support or actively encourage a cause, venture, or aim.

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Techniques

Methods or ways of doing something.

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Inform

To give information to someone.

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Motivate

To stimulate interest or enthusiasm in doing something.

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Demand

The desire of consumers to purchase goods and services.

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Face-to-Face Selling

Personal interaction between the salesperson and the customer.

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Durable Goods

Products that are not consumed quickly and last over time.

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Product Visibility

How easily a product can be seen or accessed by consumers.

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Market Need

The requirement for certain goods or services within a market.

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Consumer Preferences

The tastes and choices that consumers exhibit when selecting products.

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Sales Techniques

Methods employed by salespersons to convert leads into sales.

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Advertising

A paid form of communication that promotes products or services.

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Research Methods

Specific strategies used to gather data and insights.

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Product Lifecycle

The stages a product goes through from development to withdrawal.

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Study Notes

Inflation and Competition

  • Competition leads to innovation and more efficient processes
  • Innovation creates better products and boosts economic growth
  • Competition improves the standards of living for consumers
  • Innovation leads to new technologies like cars, planes, phones, and computers
  • Competition helps businesses understand consumer needs and develop new products
  • Competition helps businesses identify consumers' needs and develop products or services to meet them.

Marketing and Identifying Needs

  • Marketing identifies goods and services that meet consumer needs.
  • Firms conduct research to determine what consumers need and want.
  • Effective marketing strategies include promotion, personalized sales, and informing customers about new products.
  • Firms advertise products to consumers where those products face competition
  • Marketing helps products meet consumer's needs
  • Marketing tactics vary depending on the type of product
  • Expensive and durable goods rely on in-store demonstrations and explanations

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Description

Explore the relationship between competition, marketing, and innovation in the economy. This quiz assesses your understanding of how competition drives economic growth and helps meet consumer needs through effective marketing strategies. Test your knowledge on these crucial economic concepts!

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