Duplicate of Marketing -- Ch. 3

In economic terms; land, labor, and capital refers to

Period of time when prices rise

A tree growing in a forest is a factor of production called

A country's infrastructure includes its roads, ports, sanitation facilities, and utilities.

What is the term for the organized way in which a nation provides for the needs and wants of its people?

During a period of ________ consumer spending is very low and unemployment is very high for a prolonged period of time.

During a(n) ______, there is a period of renewed economic growth. Things are starting to look up again.

A(n)___________ is a period of economic slowdown that lasts at least 6 months.

Which economy would best describe the U.S. economy?

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

You operate a restaurant. The ovens, supplies, and the money used to start the business are examples of what FOP?

In a command economy, who decides how products are produced?

Sweden has a socialist economy. Swedes pay low taxes on income.

The _____________ decide(s) the type of education children will receive in a communist economy.

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

Labor is a factor of production that includes both skilled and unskilled workers.

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

People who have the skill of "specialization" will be able to work faster and more efficiently then those who don't.

In a pure market economy, the government has some involvement in determining consumers needs and wants.

Measurement of the amount of goods and services people have.

In economic terms, people who work in the public and private sectors are considered to be part of the _____ force.

Scarcity of resources forces nations to make economic choices.

Which is NOT one of the goals of a healthy economy?

When the government takes over a privately - held company it is known as