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Duplicate of Marketing Essentials Ch 3 Political & Economic Analysis Flashcards | StudBud
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Duplicate of Marketing Essentials Ch 3 Political & Economic Analysis
Duplicate of Marketing Essentials Ch 3 Political & Economic Analysis
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StudBud Administration
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marketing essentials book, chapter 3
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
Money to start and operate a business...
capital
inflation
labor
land
2
As a factor of production, the term labor refers to both skilled and unskilled workers?
false
true
3
A time when the economy is flourishing, sometimes referred to as a period of prosperity.
recovery
inflation
peak
recession
4
Germany is a socialist country, therefore, Germans pay less taxes than Americans?
false
true
5
In a command economy, it is the consumers that decide what items will satisfy their wants/needs
true
false
6
Difference between wants and needs and available resources is called.
factors of production
supply and demand
infrastructure
scarcity
7
Governments raise interest rates during this time...
inflation
recovery
recession
trough
8
Resource scarcity forces nations to make economic choices...
true
false
9
In a market economy, who decides how products are produced?
businesses
labor
government
consumers
10
The output of goods and services produced by labor and property located within a country.
gross domestic product (GDP)
gross national product (GNP)
consumer price index (CPI)
productivity
11
A country's infrastructure includes...
sewers
all of the above
phone lines
highways
12
In a command economy, who decides how products are produced?
labor
consumers
businesses
government
13
What is the organized way a nation provides for the needs and wants of its people?
economy
capital
purely command
resources
14
A period of prolonged recession.
depression
expansion
inflation
recession
15
In economic terms, land , labor, and capital refers to ...
infrastucture
scarcity
free enterprise system
factors of production
16
In a traditional economy, who decides how products are produced?
businesses
government
consumers
tradition
17
Which economy would best describe that of the US?
market
mixed
command
traditional
18
In a market economy, who decides whether a business will survive or fail?
the consumers
the business itself
the government
the competitiors
19
The term _____ refers to a period of renewed economic growth.
trough
peak
recession
recovery
