Marketing Essentials

Section 1: Market-Oriented Economic Systems

After You Read Online Action

Reviewing Key Terms and Concepts

1. You may suggest environmental protection and zoning laws as examples. You may want to research those two topics on the Internet and see if they apply to your community. Finding specific, real-life examples will help you remember these concepts.
2. These rights include patents, copyrights, trademarks, and trade secrets. Once the first three are registered with the government, they are protected. Trade secrets cannot be registered.
3. Equilibrium is achieved when the amount of a product that is supplied is equal to the amount that is in demand.

Integrating Academic Skills

4. 2 percent; $93 million profit divided by sales of  $4.6 billion is 0.0202 or 2 percent
5. If the salon increases its prices, demand could go down. If the opposite occurs, demand could go up. Other factors include quality of the haircut, reputation, location of the shop, customer loyalty, and ability to grant appointments within a reasonable amount of time.