Marketing Ch 4 Global Economies

The skills of business owner/operators

Factors of production

A disparity between wants & resources; in economic terms, this disparity is called a(n) *

In a command economy, the way in which goods are produced is decided by the *.

A system free of government involvement

A country's roads, airports, and utilities is its....

The U.S. does not have an entirely pure market economy is referred to as a(n) * economy.

In a market economy, it is the * who decide what products should be produced.

Botticelli owns the Renaissance Art Gallery.  He employs 6. What is this factor of production?

The Producer Price Index measures the price levels that wholesalers pay for goods.

Developing nations find economic expansion hard due to scarcity of natural resources.

Factors of production are called....

Describes a system entirely controlled by the government....

A factor of production that includes coal, fish, and diamonds is *.

All full or part-time workers in the economy.

Capital is

Japan was significantly affected by the global recession of the early 1990s.

The same brand  bread was $1.19 and is now $1.43. Economists describe this rise in price as *.

Canada, is generally characterized as a socialist country.

Capitalism is a modified form of free enterprise.