Chapter 3 Vocabulary Words

Which is a better deal? Dish Soap A: 32 oz for $2.89 OR Dish Soap B: 20 oz for $2.39?

If you buy 84 oz of dish soap for $5.79, the unit price would be $0.07 per oz.

An item is $34.00 and is marked 20% off. What is the sale price?

In a _____ economy, there is NO government involvement.

The three factors of production are land, labor and capital.

A _____ economy is a system in which a country's government makes ALL economic decisions.

A belief; an abstract thought or idea

The skills of people who are willing to invest their time and money to run a business.

During the ___ phase of the business cycle, a period of economic slowdown for at least 6 months.

There are 3 types of economic systems.

The organized way a nation provides for the needs and wants of its people.

A way of doing something, especially in a systematic way.

Inflation is when prices drop.

Scarcity is the difference between wants and needs and available resources.

During the ___ phase of the business cycle, the economy grows again.

The 4 key phases of the business cycle are: Expansion, Recession, Depression & Recovery.

Socialism is a term that refers to a system where governments rule the country.

All the things used in producing goods and services.

Privatization refers to the process of gov'ts selling gov't owned businesses to provide individuals or businesses.

In a _____ economy, there is some government involvement while the business has say in how they run the business.

A ___ economy is based on habits, traditions and rituals.

A shirt is $14.99 and marked 15% off. What is the discount?

Which economic philosophy is a social, political & economic philosophy in which the government has control?

During the ___ phase of the business cycle, this is the period of renewed economic growth.

A depression is a period of prolonged growth where the economy flourishes.

The 4 P's of the marketing mix are PRODUCT, PLACE, PRICE & PROMOTION.

Productivity is output per worker hour that is measured over a defined period of time.

During the ___ phase of the business cycle, the economy reaches the lowest point in a recession.

the physical development of a country

Capitalism is a political and economic philosophy characterized by private ownership of businesses.