Marketing Chapter 3 Economics

Which phase of the business cycle has a period of renewed growth?

What are all things used in producing goods and services?

In a market economy, who decides how products are produced?

A tree growing in a forest is which factor of production?

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

In a command, economy, individuals decide what items will best satisfy their wants and needs.

Which phase of the business cycle has an economic slowdown lasting at least six months?

The U.S. and Japan, which have democratic form of government, are this type of economy.

Germany has a socialist economy; therefore the Germans pay much less in taxes than Americans.

As a factor of production, the term labor refers to both skilled and unskilled workers

This is the measurement of the amount of goods and services people have.

In economic terms, land, labor, and capital refers to

What type of economy assigns all people to certain jobs?

Which factor of production is flour, other cooking supplies and money used to start a business?

Which economy would best describe that of the U.S.?

Which phase of the business cycle is used to signify a period of renewed economic growth?

This refers to people who work in the public and private sectors.

What is it called when governments sell state-owned businesses to individuals?

Resource scarcity forces national to make economic choices.

What is it called when each part of a finished product is completed by a person?

This is a measurement of all goods and service produced within the US and abroad by US?

What is the phase of the business cycle that has a period of long recession?

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

Governments raise interest rates during this time.

What economy allows the government to make all economic decisions?

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

Which phase of the business cycle to people fear loss of jobs?

What is money used to start and operate a business?

In a communist economy, who decides the type of education children will receive?