MKT Prin Economies Exam Review

An entrepreneur is most likely part of a ____________ economy?

This type of economy is mostly built on industry.

A system in which people make, exchange, and use things that have value.

Smaller government.

People living in India may have little access to ?

Producers use products.

An inflation rate of 1-5% in the US is defined as?

Consumers use products.

Larger middle class.

Lack of infrastructure and resources are characteristic of 3rd world countries.

The literacy rate represents people over 15 who can?

In a Socialist Economy grading system, all students will get the same grade no matter how hard each one of them works.

Define Free Enterprise

Price and Non-Price competition appeal to different target markets.

The main mode of transportation in North Korea and India is automobiles.

In a Capitalist Economy, competition is considered healthy.

Freedom of ownership.

The "invisible hand" theory main focus is?

The fertility rate represents ?

Resources include:

A prolonged rise in prices can be described as ?

Factories are owned by the government, and the gov't decides what will be produced is characteristic of ?

There are over 10 Communist countries left in the world.

Healthcare and education are free.

All products and services produced in a country in one year.

In a _________________________ economy, the incentive for producing goods and services is profit.

In a Communist Economy, people make choices about what to make, sell and buy.

People in India mainly use walking, railways, and bicycles for transportation.

More government involvement

Type of economic resource that requires personal effort to produce and distribute goods and services.