Title: (Optional) Identify key economic concepts influencing marketing decisions.
Course: Digital and Social Media Marketing (12162) > Section: Understanding Principles of Marketing

Identification should include

- the nature of economics (e.g., the concept that economics involves decisions made by individuals, businesses, and societies regarding the use of resources)
- economic activities (e.g., production, consumption, distribution, and exchange)
- economic resources (e.g., land, labor, capital, entrepreneurship) used to produce goods and services
- supply
- demand (e.g., inelastic/elastic)
- profit (i.e., money left over after expenses are paid)
- cost
- opportunity cost
- competition (e.g., indirect/direct, price/non-price)
- needs and 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?
- How do nonprofit organizations function as a business?
- What effect does profit have on the survival of a business?