Unit 2 Economics Unit Marketing Principles

In a market economy, who decides HOW to produce goods and services?

a country's roads, airports, and utilities

What is the term used to describe the equation exports - imports?

monetary value of all goods & services produced within a country's borders in a specific period

land, labor, capital, entrepreneurship

Hybrid organization that enables owners to have limited liability and single taxation

The Struggle is real... what is the term for the struggle between companies for customers?

KFC mistranslated their slogan- it said "eat your fingers off". What type of failure is this?

sustained, long-term downturn in economic activity, hard to find a job, very low confidence

You work as a landscaper. You are an example of what factor of production?

includes people in the labor force who are not working and currently seeking a job

What business cycle stage involves economic downturn, job layoffs, and investment failures?

What trade agreement involves over 160 members and is headquartered in Switzerland?

Another term for import tax or duty

Owned by 2 or more people, combines skills and profits shared

Owners called stockholders, run by a board of directors, double taxation

a company develops a new product and promotion based on the cultural demands

System which government tries to meet the needs for all by taxing & providing free services

refers to periods of rising prices; 2016 US = 1%

What trade agreement established a common currency and bank among its members?

selling the same product and using the same promotion methods in all countries

measures changes in prices of a market basket of goods and services purchased by households

Creating a pencil from a tree and other resources is an example of what utility?

when supply exceeds demand

What stage in the business cycle has a flourishing economy and high consumer spending?

Uses another businesses successful brand and processes, must pay fees

amount of goods producers are willing to make and sell

Making sure a Christmas tree is available in December is an example of what utility?

Most simple form of business ownership, unlimited liability

Having sunscreen available for sale at the beach grocery store is an example of what utility?

What is not a question that every economy must ask?

Term used to describe when the gov't imposes trade barriers to help domestic industries

low point in the business cycle, economy stops slowing and starts showing signs of recovery

Which country is NOT a member of NAFTA?

total ban on specific goods coming into or leaving a country

In which type of economy are the FOP controlled by the government?

freedom to own property, take risks, and make a profit

Describes the US balance of trade

Results when resources are limited and people are forced to make choices

The machine used to chop down the tree in the creation of a pencil is an example of what FOP?

In a pure market economy, who decides WHAT items should be produced?

What happens when supply decreases?

a potential for loss or failure

The point in which supply and demand meet.

goods and services sold to another country