Marketing Quiz

The physical development of a country.

______ of Production- work can be completed faster and more efficiently when people specialize in certain areas.

What does a Pure Market Economy consist of?

All the things used in producing goods and services.

A low ______ rate is good because it shows that an economy is stable.

The _____ behind these practices is that goods owned in common.......

Land, Labor, Capital, and Entrepreneurship.

You can _____ in new equipment or facilities that allow your employees to work more efficiently.

Gross Domestic Product: the total value of services provided during a year.

The difference between wants and needs and available resources.

A period of economic slowdown that lasts for at least two quarters of a year or six months.

Countries with different economic systems have different _______ when making choices.

The tool used to measure the change in price of goods and services used by the average urban household.

Output per worker hour that is measuered over a defined period of time (month, year, etc.)

What is the total dollar value of goods and services produced by a nation, including those abroad?

The organized way a nation provides for the needs and wants of its people.

Depression- A prolonged period of recession.

Expansion- a time when the economy is flourishing.

Signifies a period of renewed economic growth following a recession or depression.

Includes the following key phrases: Expansion, Recession, Trough, and Recovery

Producer Price Index regulates wholesale price levels in the economy.

Traditional economic systems have no sense of community.

A country's government makes ALL economic decisions in a _______ ________.

refers to People who are willing to invest their time and money to run a business.