Marketing Chapter 3

In which economy does the dictator make decisions?

Traditions and basic rituals answer the three economic questions

In which economy is life usually the simplest?

All nations have equal access to resources.

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

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

What is the output of goods and services produced by a country in a year?

Which of the following is NOT one of the factors of production?

What economy combines elements of different types of economies?

Which resource do factories fall under?

In which economy do you do what your parents did for a job?

The physical development of a country (roads, facilities, telecommunications)

Which resource does gold fall under?

A system in which a country's government makes economic decisions.

In which economy does everyone share the wealth?

Which resource does money fall under?

Which resource does people fall under?

The difference between wants and needs and available resources

Which resource does water fall under?

In which economy is the government involved, but sometimes allows for free choice?

In which economy are purchases made in the marketplace?

Entrepreneurship is considered to be one of the factors of production.

In which economy are you motivated to work hard?

There no government involvement, and businesses/individuals own all the resources

Scarcity forces nations to make economic choices