Chapter 3

Question 1

values, ideas, and attitudes shared by members of a group

Answer 1

culture

Question 2

income, expenditures, resources that affect cost of running business and household

Answer 2

economy

Question 3

performance of the economy (ex: inflation and deflation)

Answer 3

macroeconomics

Question 4

productions costs and prices increase

Answer 4

inflation

Question 5

many sellers with similar products

Answer 5

pure competition

Question 6

many sellers substitute products in a price range (example: coffee)

Answer 6

monopolistic competition

Question 7

few sellers control majority of sales (example: T-Mobile)

Answer 7

oligopoly

Question 8

only one seller (example: consumer energy)

Answer 8

pure monopoly

Question 9

the moral principles and values that govern the actions and decisions of an individual or group

Answer 9

ethics

Question 10

obligation to maximize profits for stockholders

Answer 10

profit responsibility

Question 11

obligations to those who can affect achievement of objectives

Answer 11

stakeholder responsibility

Question 12

obligations to preserve environment and to the general public

Answer 12

societal responsibility

Question 13

seeks to meet today’s global economic, environmental, and social needs without compromising the future

Answer 13

sustainable marketing

Question 14

personal moral philosophy that considers certain individual rights or duties as universal, regardless of outcome

Answer 14

moral idealism

Question 15

personal moral philosophy that focuses on “the greatest good for the greatest number.”

Answer 15

utilitarianism