Unit 2 - Ch 3 & 4 Marketing

The price of one country's currency when you buy it with the other country's currency is

Labor includes both skilled and unskilled workers.

All imports that enter the US are monitored by a division of the US Treasury

In economic terms, people who work in the public and private sectors are referred to as

When a country produces a product at a lower cost than any other country they have a

What is the organized way a nation provides for the needs and wants of its people?

If a country exports less than it imports the country has a

In a command economy who decides how products are produced?

The ______ decides the type of education children will receive in a communist economy

A long recession can also be called a depression

The US is best described as what type of economy?

When US places a ban on all imports from a specific country it is called a

A government can sell state owned assets to individuals in a process called privatization.

A period of renewed economic growth is

A tree growing in the forest is a factor of production called

Which of the following is NOT a trade barrier?

Land, labor and capital refer to

During the period of a recovery one of peoples biggest fear is loss of jobs.

An embargo is a limit on the # or monetary value of a product that can be imported.

A country's infrastructure includes sewers, highways and phone lines.

Foreign investors who cannot own 100% of a business must establish this with local partner

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

Globalization is selling the same product & using the same promotion in all countries

During a period of depression spending is ______ and unemployment is ________ for a long time.

What factors of production for a catering business are the ovens and food considered to be?

In a market economy who decides whether the business will survive or fail?

Global marketing strategies include which of the following

One economic factor relevant to starting a business in another country is

Select the trade alliance that establishes guidelines for international trade.

A nation experiences a trade surplus when it imports more than it exports.

A nation's balance of trade is the difference in value between its exports and imports.