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Marketing essentials Chapter 3 Flashcards | StudBud
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Marketing essentials Chapter 3
Marketing essentials Chapter 3
10 terms
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StudBud Administration
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202 plays
economics socialism, communism, capitalism
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
A country’s government makes economic decisions
Command Economy
Market Economy
Mixed Economy
Traditional Economy
2
All the things used in producing goods and services
resources
entrepreneurship
economy
factors of production
3
No government involvement in economic decision. Individuals and companies compete for consumers
Command Economy
Market Economy
Mixed Economy
Traditional Economy
4
the organized way a nation provides for the needs and wants of its people
resources
factors of production
economy
entrepreneurship
5
Philosophy characterized by marketplace competition and private ownership of businesses.
Communism
Socialism
Capitalism
Mixed Economy
6
Difference between the wants and needs and available resources
Entrepreneurship
Economy
Resources
Scarcity
7
People willing to invest their time and money to run a business
Entrepreneurship
Resources
Economy
Scarcity
8
Land, Labor, Capital, Entrepreneurship
factors of production
resources
economy
entrepreneurship
9
Philosophy where government, controls production. No private ownership of property or capital.
Capitalism
Communism
Mixed Economy
Socialism
10
Rituals answer the questions. Based on religious practices and ideals
Mixed Economy
Market Economy
Traditional Economy
Command Economy
