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Economy and Marketing

Explore the controlled, regulated, free, and mixed economy models, as well as the private enterprise system in America. Delve into the roles of consumers and producers, factors affecting supply and demand, and macro vs. microeconomics.

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Economy and Marketing

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  1. Economy and Marketing

  2. Who Makes the Decisions? • Controlled Economy: the government owns and controls important resources • Regulated Economy: decisions are shared between the government and other groups or individuals • Free Economy: resources are owned by the individuals and decision making rests solely on the individuals, no regulation • Mixed Economy: some goods and services provided by the government and some by individuals

  3. America’s Economy • Private Enterprise: based upon independent decisions by businesses and consumers with only a limited government role • Resources owned by individual producers • Profit is the motive for business • Consumers decide what will be purchased • Consumers use value in deciding what to consume (Value: decisions to use resources toward the greatest satisfaction of wants and needs)

  4. Consumers and Producers • Consumers: individuals who purchase products and services • Producers: businesses that use the resources they control to develop products and services • Demand: relationship between the quantity of a product consumers are willing and able to purchase for the price • Supply: relationship between the quantity of a product that producers are willing and able to produce and the price

  5. Micro and Macro • Macroeconomics: economic behavior for an entire society • Microeconomics: relationships between individual consumers and producers

  6. Factors Affecting Demand • Strength of want or need • Availability of supply • Availability of alternative products that consumers believe will satisfy their need/want

  7. The Demand Curve • Demand Curve: relationship between the price and the quantity demanded • The Law of Demand: as the price of a product is increased, the demand will decrease and vice versa • Economic Market: all the consumers who are willing to purchase a particular product or service

  8. The Demand Curve

  9. Factors Affecting Supply • Possibility of profit • Amount of competition • Capability of developing and marketing the products and services

  10. The Supply Curve • Supply Curve: a graph that shows the relationship between price and quantity • Law of Supply: with the price of a product is increased, the more will be produced and vice versa

  11. The Supply Curve

  12. Market Price • Market Price: the point where supply and demand for a product is equal

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