When you have completed Chapter 3, you will be able to:
- Identify the basic economic problem.
- Describe how America’s private enterprise economy works.
- Explain microeconomics and the concept of consumer demand.
- Identify factors that affect supply and its relationship to demand.
- Define pure competition and monopoly.
- Explain the characteristics oligopolies and monopolies.
- Define four types of economic utility.
- Explain how marketers use utility to increase customer satisfaction.
Chapter 3 Review
- Utilize this review to assess your learning from Chapter 1. You have 10 attempts to get as good of a score as you can. You are free to use the online textbook above when going through this review.