Marketing - Economics Unit

Decisions regarding the use of resources are usually made by..?

Factors of production include all of the following EXCEPT:

Raw materials that people can use to create a product is called what?

Investment in updating computer technology, machinery and equipment are investments in

Command economies are when:

The USA is considered to be an example of a capitalist country (mixed economy)

You have $1. You want to buy soda and gum, You buy the gum! What is the opportunity cost?

Anything that you buy that you can hold or touch is considered what?

What are figures used to measure a country's performance called?

Examples of needs include: food, water, shelter, and clothing

Economic decisions are made by all of the following groups EXCEPT:

The driving force of our economy is consumer wants and needs.

The US has experienced _____ major economic shifts.

The unemployment rate includes people who are willing and able to work, but cannot find a job

A buyer is also called a _________.

In a recession, people are more likely to save money than spend it.

When the economy is not doing well/very bad (Great Depression), what happens to unemployment?

Some economies are based purely on ONE economic system.

In order to define their economy, nations must decide WHY goods or services should be produced

Economics involves decisions regarding the use of ____________.

Producers and consumers make all the economic decisions in which economic system?

As a country's GDP rises their standard of living usually?

The last step in the decision making process is to take action.

What is defined by the study of producing, distributing, and consuming goods and services.

The 3 questions that must be answered by the economic system are

Wants are the basics we need for living.

Why do we have to make choices about how we spend our money?

Which economic indicator tells us if our economy is picking up or slowing down?

Private enterprise is associated with which of the following:

The inflation rate is the general decrease in the price of goods/services

Capitalism is a type of mixed economy.

What is in example of a Socialist Economy?

The labor force includes not only people who are employed, but also

Replanting trees that have been cut down is an investment in

The government controls all aspects of the economy in which system?

True/False: There are four basic economic questions that every nation must answer.

A person who takes the risk to start their own business is called

What does the inflation rate tell us about our economy?