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POSITIVE: expands freedom, cause competition, lowers prices and improve product quality, raise productivity, raise living standards, more access, and checks globalization.
NEGATIVES: millions have lost jobs, millions fear losing jobs in future, threat of outsourcing, if workers don't accept pay cuts, and vulnerability to moving offshore
Least Developed Country [LDC] are at the lowest stage of economic development, agricultural.
Developing countries
Economy shifts from agriculture to industry
Strong markets to sell products [Brazil, Russia, India, and China]
Developed countries are the most sophisticated markets
G8 countries - US, UK, Canada, France, Italy, Germany, Japan and Russia.
G20 include G8 + BRIC + EU + Saudi, Korea, S. Africa, etc.
Monopoly - when one seller controls a market Ex. Entergy
Oligopoly -
relatively few, but large sellers, each holding substantial market share, in a market with many buyers.
Ex: Airlines Industry, cell phone industry, credit monitoring
Monopolistic competition - many sellers [both small and large] compete for buyers in a market Ex: Ice-cream, bread, fast food peanut butter, wine, etc.
Perfect competition - many sellers, each offering basically the same good/service Ex: Agriculture/commodity market
Know all the key elements needed to execute the marketing strategy - situation analysis [PEST analysis, competitive analysis, SWOT analysis], SMART marketing objectives, develop STP strategies [Segmentation, Targeting, Positioning], develop marketing mix strategies [product, price, place, and promotion], and implementation and control the marketing plan.
Which of the following is an example of a failed exchange?
You want a turkey sandwich, but the deli is out of turkey, so you leave.
You buy a computer online after finding a great deal.
Two kids trading baseball cards.
You offer someone $5,000 for their car, but they ask for $5,500, and you agree to it.
A store doesn't have what you want in stock, but orders it for you.
a. Economic Freedom - freedom of choice by consumers and producers.
b. Economic Security - protection against some risks as consumers and producers
c. Economic Equity - Fairness? Right or wrong? Equal opportunity? Equal distribution of wealth and income?
d. Economic Growth - an increase in the production of goods and services over time, measured by real GDP, 3 to 4 % is a reasonable and sustainable yearly growth rate.
e. Economic Efficiency - allocation of resources so that no one is hurt at the expense of someone else gaining, lower costs to produce.
f. Economic Stability - maintain stable prices, full employment and economic growth
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