Marketing Unit 4

the skills of people who are willing to risk their time and money to run a business

the difference between the amount of a country's imports and exports

an economic system where resources are owned by individuals,  

difference between what consumers want and need and what the available resources are

the consumer willingness and ability to buy products

 the amount of goods producers are willing to make and sell

 limit the numbers of specific types of products that foreign companies can sell in the country

 all the natural resources of a nation

when demand exceeds supply

 an economic system where resources are owned by the government 

 recurring changes in an economy

 the average output by workers for a specific period of time

 the way a nation makes economic choices about how the nation will use its resources 

 time when the economy flourishing

 a period of economic slowdown

attribute of a product or service that makes it capable of satisfying consumers wants and needs

 all the people who work in the economy

money needed to start and operate a business

A government prohibition against the shipment of certain products to a particular country 

 taxes placed on imported products to increase the price for which they are sold

resources available to develop products & services; natural resources, capital, equipment,labor

 market situation in which a price decrease will decrease revenue

also called factors of production, are all the things used in producing goods and services

 a period of prolonged recession

when prices increase faster than the value of goods and services

the change in the cost of a specified set of goods and services over time

 the percentage of the work force that is unemployed at any given date

market situation in which a price decrease will increase revenue

occurs when supply exceeds demand

 exists when the amount of product supplied is equal to the amount of product demanded

 the total value of goods and services produced within a country during the year