Unit 2 Economics Unit Marketing Principles

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

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

The point in which supply and demand meet.

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

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

amount of goods producers are willing to make and sell

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

Another term for import tax or duty

Uses another businesses successful brand and processes, must pay fees

goods and services sold to another country

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

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

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

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

land, labor, capital, entrepreneurship

total ban on specific goods coming into or leaving a country

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

a country's roads, airports, and utilities

a potential for loss or failure

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

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

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

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

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

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

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

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

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

What is not a question that every economy must ask?

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

Most simple form of business ownership, unlimited liability

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

when supply exceeds demand

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

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

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

What happens when supply decreases?

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

Describes the US balance of trade

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

Which country is NOT a member of NAFTA?

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

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

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

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