Which best describes results provided by market research?
Market research tells producers what consumers want and what they’re willing to pay. Market research lets producers predict what laws the government is planning to make.
Which of the following best describes the purpose of the market research?
Answer: The correct answer is letter “B”: To help producers make more money. Explanation: Market research is conducted to analyze consumer patterns so companies can spot opportunities and threats.
What are the 4 types of marketing research?
Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
What best describes the role of a consumer?
The role of a consumer is buying goods. Explanation: From the economical aspect, a consumer has a demand in the market and the producer supplies the goods. Buying, using and disposing of are the steps the consumers go through on a regular basis.
Which activity would be a consumer most likely?
Which activity would a consumer most likely perform? sufficient products to meet consumer wants.
Which individual is a producer?
Definition: A producer is someone who creates and supplies goods or services. Producers combine labor and capital—called factor inputs—to create—that is, to output—something else. Business firms are the main examples of producers and are usually what economists have in mind when talking about producers.
What is one way economics can influence your daily life quizlet?
What is one way that economics can influence your daily life? By helping you to understand that every choice has a trade-off. A person studying economics can make better choices about purchases if that person understands: goods.
Why is manufacturing important to us?
A vibrant manufacturing base leads to more research and development, innovation, productivity, exports, and middle-class jobs. Manufacturing helps raise living standards more than any other sector. Manufacturing generates more economic activity than other sectors.
What are the advantages of manufacturing consumer goods in your own country?
These benefits include:
- Easier communication.
- Positive press.
- Higher labor standards.
- Positive perception.
- Faster fulfillment times.
- Reduced shipping costs.
- Flexible payments options.
How would a manufacturer benefit by using fewer resources?
Scarce resources are resources that have limited availability relative to desired use. They include labor, capital, land, or entrepreneurship. Resources are limited, so if a manufacturer uses fewer scarce resources, the benefit will be that the product would be less expensive to produce.
Which best defines utility?
Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service.
What are the benefits of instant communication and sales for consumers check all that apply?
Companies can ship goods to customers in an instant. Businesses can be available for customers 24 hours a day. Customers can purchase goods and services online. Customers can give feedback to producers instantly.
What have instant communication and sales?
the things that instant communication and sales made possible are: -Instantaneous purchases from companies around the world can increase sales. -Improved technology has allowed companies to operate 24 hours a day. -Worldwide communication between producers and consumers has become instant.
Which situation is the best example of competition in an economic system?
the best example of competition in an economic system – A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.
What are two benefits of the free market system?
It contributes to economic growth and transparency. It ensures competitive markets. Consumers’ voices are heard in that their decisions determine what products or services are in demand. Supply and demand create competition, which helps ensure that the best goods or services are provided to consumers at a lower price.