Marketing Principles Economics Unit

Something you own

KFC mistranslated their slogan- it said "eat your fingers off". What type of failure is this?

You work as a landscaper. You are an example of what factor of production?

Term used to describe when the gov't imposes a trade barrier to help domestic industries

Value of goods and services produced within a country

Uses another businesses successful brand and processes, must pay fees

What happens when supply decreases?

What is not a question that every economy must ask?

In which type of economy are the FOP controlled by the government?

when supply exceeds demand

Owned by 2 or more people, combines skills and profits shared

Which financial statement includes Assets - Liabilities

money earned after costs and expenses have been paid

What is the term used to describe the equation exports - imports?

Owners are called stockholders and it's run by a board of directors

refers to rising prices

Most simple form of business ownership, unlimited liability

amount of goods producers are willing to make and sell

Which financial statement includes revenue - expenses

Creating a pencil from a tree and other resources is an example of what utility?

goods and services sold to another country

What trade agreement involves over 160 members and is headquartered in Switzerland?

In a market economy, who decides HOW to produce goods and services?

What stage in the business cycle has a flourishing economy and high consumer spending?

land, labor, capital, entrepreneurship

period of a prolonged recession, nearly impossible to find a job

Describes the US balance of trade

low point in the business cycle, economy stops slowing and may show signs of recovery 

Which country is NOT a member of NAFTA?

Making sure a Christmas tree is available in December is an example of what utility?

System in which the government tries to meet the needs for all by having many free services

includes people in the labor force who are currently seeking a job

Results when resources are limited and people are forced to make choices

Another term for import tax

Having sunscreen available for sale at the beach grocery store is an example of what utility?

What trade agreement established a common currency and bank among its members?

freedom to own property, take risks, and make a profit

selling the same product and using the same promotion methods in all countries

If Julia makes $1000 sales, cost of goods sold of $400 & expenses of $200. What is her profit?

a country's roads, airports, and utilities

a company develops a new product based on the demands from the culture in that market.

In a pure market economy, who decides WHAT items should be produced?

The price in which supply and demand meet.

total ban on specific goods coming into/leaving a country

The machine used to chop down the tree in the creation of a pencil is an example of what FOP?

a potential for loss or failure

Hybrid organization that enables owners to have limited liability and single taxation

What business cycle stage involves economic downturn, job layoffs, and investment failures?

The Struggle is real... what is the term for the struggle between companies for customers?