Marketing 1 Chapter 3

A period of time when the economy is flourishing:

A period of time marked by reduced workforce and less money spent by consumers

A period when prices rise.

A period of economic slowdown that lasts at least two quarters.

An example of land as a factor of production is:

In a command economy, economic decisions are made by:

A government can sell state-owned assets to private individuals in a process called

Germany has a socialist economy; therefore, Germans pay low taxes on income.

An economic measure that includes the output of goods and services produced in a country

In economic terms, land, labor, capital, and entrepreneurship refers to the:

Japan's economic style is:

What is the purpose of the activities in a traditional economy?

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

This forces a nation to make economic choices.

Which economy type best describes all economies?

What is the term for the organized way in which a nation provides for its people?

Infrastructure includes roads, ports, and utilities in a country

Ovens, ingredients, and cooking utensils in a restaurant are examples of:

All things that can be used in producing goods and services.

A method of labor productivity where each part of a finished product is completed by one person