Marketing Chapter 6 Review

The economic principle relating to the quantity of products available to meet consumer demand. 

Type of economic system in which individuals are free to make their own economic decisions. 

All of the tools and machinery used to produce goods or provide services. 

A raw material found in nature. 

An economic resource a nation uses to make products and supply services for its citizens. 

The science that deals with examining how goods and services are produced, sold, and used. 

All of a nation's natural resources.

The amount of work a person can do in a specific amount of time, usually an hour. 

Type of economic system in which the government makes all of the economic decisions. 

Type of economic system in which most citizens have just enough to survive.

When demand is higher than the available resources.

Type of economic system in which both the government and individuals make decisions.

An organized way in which a state or nation allocates its resources to create goods & services

Work performed by people in businesses.

The value of the best option you did not choose.