Marketing chapter 3 Vocab

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

The term that signifies a period of renewed economic growth following a recession or depression

comprised of land, labor, capital, and entrepreneurship

A system in which a country's government makes all economic decisions regarding what, how, and for whom

Measures the change in price over a period of time of 400 specific retail goods and services used

The reoccuring changes in economic activity

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

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

All the things used in producing goods and services

Measures wholesale price levels in the economy

The output per worker that is measured over a defined period of time

The difference between wants and needs and available scare resources

The physical development of a country

Refers to rising prices

Habits, traditions and rituals answer the basic questions of what, how, and for whom

There is no governmental involvement in economic decisions

A time when the economy is flourishing

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

A period of economic slowdown that lasts for at least two quarters of a year

A period of prolonged recession