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Chapter 3 Review Flashcards | StudBud
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Chapter 3 Review
Chapter 3 Review
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StudBud Administration
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marketing essentials book, chapter 3
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
True or False: GDP and output are the same thing
False
True
2
Which economy would best describe that of the US?
command
traditional
mixed
market
3
In a market economy, who decides whether a business will survive or fail?
the government
the consumers
the business itself
the competitiors
4
Money to start and operate a business...
land
inflation
labor
capital
5
A country's infrastructure includes...
phone lines
all of the above
sewers
highways
6
The term _____ refers to a period of
renewed
economic growth.
depression
expansion/prosperity
recession
recovery
7
The money a firm raises is considered which factor of production?
land
labor
entrepreneuership
capital
8
Inflation refers to to which of the following
rising prices
increase in the value of the dollar
lowered prices
9
In a market economy, who decides how products are produced?
labor
businesses
consumers
government
10
In a command economy, it is the consumers that decide what items will satisfy their wants/needs
false
true
11
A tree growing in a forest is a factor of production called...
entrepreneurship
captial
land
labor
12
Measurement of the amount of goods and services the average person buy...
inflation
specialization
standard of living
capital
13
a school of fish that are caught from the sea is a factor of production called ...
labor
land
entrepreneurship
captial
14
What is the term that refers to a command economy transitioning to a market economy
socialism
infrastructure
privatization
15
Resource scarcity forces nations to make economic choices...
false
true
16
In a traditional economy, who decides how products are produced?
tradition
businesses
consumers
government
17
In economic terms, land , labor, and capital, and entrepreneurship refers to ...
infrastucture
free enterprise system
factors of production
scarcity
18
In a command economy, who decides how products are produced?
businesses
labor
consumers
government
