Marketing Chapter 3 Economics

What are all things used in producing goods and services?

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

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

What is money used to start and operate a business?

What economy allows the government to make all economic decisions?

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

What type of economy assigns all people to certain jobs?

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

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

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

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

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

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

Resource scarcity forces national to make economic choices.

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

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

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

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

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

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

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

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

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

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

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

Governments raise interest rates during this time.

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

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

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