Marketing 1 Chapter 3

Infrastructure includes roads, ports, and utilities in a country

A period when prices rise.

In a command economy, economic decisions are made by:

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

An example of land as a factor of production is:

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

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

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

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

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

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

A period of time when the economy is flourishing:

Which economy type best describes all economies?

This forces a nation to make economic choices.

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

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

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

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

Japan's economic style is:

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