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Questions and Answers
What is possession utility?
What is possession utility?
- A company assessing their strengths and weaknesses
- A mixture of market and traditional economies
- Communication with the customer
- The actual exchange of a product for money (correct)
What is information utility?
What is information utility?
Communication with the customer
What does SWOT analysis stand for?
What does SWOT analysis stand for?
Strengths, weaknesses, opportunities, and threats
In a market economy, there is significant government involvement in economic decisions.
In a market economy, there is significant government involvement in economic decisions.
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What guides a traditional economy?
What guides a traditional economy?
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What are mixed economies?
What are mixed economies?
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What is capitalism?
What is capitalism?
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What is communism?
What is communism?
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What is socialism?
What is socialism?
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Study Notes
Utility Types
- Possession Utility: Involves the actual transaction of products for money, which can occur through various payment methods such as checks, layaway, cash, debit, credit, or "bill me later" options.
- Information Utility: Relates to the communication provided to customers about a product, including explanations of features and benefits through salespeople, displays, labels, advertising, and websites.
Economic Analysis
- SWOT Analysis: A strategic planning tool used by companies to evaluate their internal strengths and weaknesses, alongside external opportunities and threats, to better position themselves in the market.
Economic Systems
- Market Economy: Characterized by a lack of government intervention in economic decisions, where individuals and companies own production means and compete for customers.
- Traditional Economy: Guided predominantly by cultural, religious, or ritualistic influences, where economic activities are based on customs, such as in farming communities like the Amish.
- Mixed Economies: An integration of market, traditional, and command economies to provide a balanced economic structure.
Economic Ideologies
- Capitalism: An economic system emphasizing market competition where individuals and businesses own production, exemplified by countries like the United States and Japan.
- Communism: A system where the government has total control over economic activities with the aim of achieving equality among citizens, as seen in countries like Cuba and North Korea.
- Socialism: A system featuring more government involvement compared to capitalist societies, aiming for a classless society, with examples in Canada, Germany, and Sweden where socialist elements are present.
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