Title: Identify economic concepts related to marketing.
Course: Digital and Social Media Marketing (12162) > Section: Understanding Principles of Marketing

Identification should include concepts such as

- nature of economics (e.g., the concept of economics involves decisions made by individuals, business, and societies regarding the use of resources)
- economic activities (e.g., production, consumption, distribution and exchange)
- economic resources (e.g., land, labor, capital, entrepreneurship)
- supply
- demand (e.g., inelastic/elastic)
- profit (money left over after expenses are paid)
- cost
- opportunity cost
- competition (e.g., indirect/direct, price/non-price)
- goods and services
- needs/wants.

Process/Skill Questions:

- Why do individuals, businesses, and societies need to make economic choices?
- How does price affect supply and demand?
- What is the difference between elastic and inelastic demand?
- How does profit drive business?
- What effect does profit have on the survival of a business?
- What is the difference between a good and a service?