International Business Chapter 2

South Africa has a large % of the world's diamond deposits. This is an example of

An industry that undergoes privatization is changed from private to government ownership

In market economies, most economic decisions are made by the government

An increase in demand with no change in supply will usually cause prices to rise

Capital Resources are expensive and usually used over a period of several years

Economics is the study of how

Continually rising prices are on sign of a healthy economy

Private property, profit motive and a free and competitive marketplace are characteristics of a

As the demand for a product increases, prices tend to

When 2 countries are being compared, the 1 with the higher total GNP has a stronger economy

If the supply of an item decreases, the prices usually goes up

The first step of the decision making process is to evaluate the alternatives

The first step of the decision making process is to

Capital resources include

If consumers want more of a good than the amount supplied