Unit 2 Marketing (Economics) Review

Principle that price and demand move in the opposite direction

The output of goods and services produced by labor and property located within a country

Rituals and cultural practices are used for making economic decisions

Goods and services purchased from other countries

Occurs when supply exceeds demand

The consumer ability and willingness to buy products

Money to start/operate a business and goods used in production

Exchange of goods and services among nations

Occurs when demand exceeds supply

A tax on imports

Occurs when a nation exports more than it imports

The value a nation gains by selling what it produces most efficiently

What percentage of sales is average profit?

A government's economic policies that systematically restrict imports in order to protect domestic industries

Measure of change in price over a period of time of 400 specific retail goods and services used by the average household

What do the #3s refer to in this business cycle?

In which country should you only eat and greet with your right hand?

Principle that price and supply move in the same direction

Which equation is used on an income statement?

What do the #1s refer to in this business cycle?

In which country are yellow flowers in the house bad luck?

In which country is the OK gesture rude?

In which country is the peace sign (with palm in) equal to the middle finger?

Buy goods from manufacturers and resell them to other businesses

Involves anything authored by an individual and is valid for the life of the author plus 70 years

The skills of people who invest in a business

Occurs when a nation imports more than it exports

Recurring changes in economic activity

Who answers the 3 basic questions in a command economy?

A command economy is most like which government philosophy?

What do the #4s refer to in this business cycle?

Who answers the 3 basic questions in a traditional economy?

What is one of the five economic measurements used to determine the success of an economy?

Exclusive control over a product and the means of producing it

No government involvement in economic decisions

Jobless rate

Commercial exchange between nations that is conducted on free market principles without restrictive regulations

Measurement of the amount and quality of goods and services a nation's people have

The amount of a product being supplied is equal to the amount being demanded

Limits the quantity or monetary value of a product that may be imported

The difference between wants and needs and available resources

The physical development of a country

What percentage of US businesses are considered small businesses?

The struggle for customers

Restrictions or limits on trading

A system where the country's government makes economic decisions

Where do you find the only beefless McDonald's hamburgers?

Which countries does NAFTA include?

You alone own the rights to that item/idea for up to 20 years

All the things used in producing goods and services

A country that has the natural resources or talents that allow it to produce an item at the lowest cost possible

What types of companies are allowed to operate as monopolies with regulation?

Focuses on the sale price of a product

All the people who work

Total ban of specific goods coming in to and leaving a country

What do the #2s refer to in this business cycle?

The total dollar value of goods and services produced by a nation, including goods and services produced abroad

A word, name, symbol, sound or color that identifies a good or service and can be renewed forever

Encourages individuals to start and operate their own business in a competitive system without government involvement

Output per worker hour that is measured over a defined period of time

Rising prices

Buy goods from wholesalers or manufacturers and sell to consumer

The money earned from conducting business after all costs and expenses have been paid

Goods and services sold to other countries

The potential for loss or failure

Difference between imports and exports

Who answers the 3 basic questions in a market economy?

Businesses choose to compete on factors that are not related to price

Which of the following is an example of a business in the public sector?

Which equation is used on a balance sheet?

Amount of goods producers are willing to make and sell

Everything contained in the earth or found in the seas

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

Measure of wholesale price levels in the economy

Information a company keeps and protects for its use