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relationships. The sharing of customer information among businesses has led to privacy
issues. The government has regulations protecting the privacy of consumers, including
offering customers the option of being added to mailing lists.
Source: Farese, L. S., Kimbrell, G. & Wolosyk, C. A. (2009). Marketing Essentials.
Woodland Hills, CA: Glencoe/McGraw-Hill.
Explain the concept of economic resources.
A resource is any item that can be used to produce goods and services. Natural resources
include anything that comes from nature. Human resources are people, the work they do, and
the skills they possess. Capital resources include materials used in the production of goods
and services. All of these economic resources are limited. The basic economic problem is
how to meet unlimited wants with limited resources. This gap is a condition called scarcity.
Source: Economics. (Economics LAP 6: Career-Sustaining Level). (1987). Columbus, OH:
Marketing Education Resource Center.
Describe the functions of prices in markets.
Price is the value in money placed on a good or service. One function of price is that it can
affect the value that a customer places on an item. Price helps establish a company’s or
product’s image—many customers use price as a gauge to make judgments about products
and companies. Another function of price is that it can give a competitive edge. Thirdly, the
price of an item is part of the business’ end goal of making a profit.
Source: Farese, L. S., Kimbrell, G. & Wolosyk, C. A. (2009). Marketing Essentials.
Woodland Hills, CA: Glencoe/McGraw-Hill.
Explain the role of business in society.
Business’ roles in society are many. They make and distribute the goods and services we use
each day. Business’ provide employment for millions of people. Wages paid to business
employees are used in the economy to purchase goods and services. Profits earned by
businesses are used to compensate owners and investors. Businesses also pay taxes, which
support government spending on the needs of society.
Source: Dlabay, L. T., Burrow, J. L., & Kleindl, B. (2009). Intro to Business (7th ed.). Mason,
OH: South-Western Cengage Learning.
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