Chapter 3 Vocabulary Words

Question 1

Privatization refers to the process of gov'ts selling gov't owned businesses to provide individuals or businesses.

Accepted Answer

True

Question 2

Capitalism is a political and economic philosophy characterized by private ownership of businesses.

Accepted Answer

True

Question 3

During the ___ phase of the business cycle, this is the period of renewed economic growth.

Accepted Answer

Recovery

Question 4

A belief; an abstract thought or idea

Accepted Answer

theory

Question 5

There are 3 types of economic systems.

Accepted Answer

False

Question 6

All the things used in producing goods and services.

Accepted Answer

resources

Question 7

Socialism is a term that refers to a system where governments rule the country.

Accepted Answer

False

Question 8

Which economic philosophy is a social, political & economic philosophy in which the government has control?

Accepted Answer

Communism

Question 9

If you buy 84 oz of dish soap for $5.79, the unit price would be $0.07 per oz.

Accepted Answer

True

Question 10

Scarcity is the difference between wants and needs and available resources.

Accepted Answer

True

Question 11

During the ___ phase of the business cycle, the economy grows again.

Accepted Answer

Expansion

Question 12

Which is a better deal? Dish Soap A: 32 oz for $2.89 OR Dish Soap B: 20 oz for $2.39?

Accepted Answer

Dish Soap A

Question 13

Inflation is when prices drop.

Accepted Answer

False

Question 14

During the ___ phase of the business cycle, a period of economic slowdown for at least 6 months.

Accepted Answer

Recession

Question 15

The three factors of production are land, labor and capital.

Accepted Answer

True

Question 16

The 4 P's of the marketing mix are PRODUCT, PLACE, PRICE & PROMOTION.

Accepted Answer

True

Question 17

A way of doing something, especially in a systematic way.

Accepted Answer

method

Question 18

The skills of people who are willing to invest their time and money to run a business.

Accepted Answer

entrepreneurship

Question 19

The 4 key phases of the business cycle are: Expansion, Recession, Depression & Recovery.

Accepted Answer

False

Question 20

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

Accepted Answer

economy

Question 21

the physical development of a country

Accepted Answer

infrastructure

Question 22

In a _____ economy, there is NO government involvement.

Accepted Answer

Market

Question 23

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

Accepted Answer

True

Question 24

A ___ economy is based on habits, traditions and rituals.

Accepted Answer

Traditional

Question 25

A shirt is $14.99 and marked 15% off. What is the discount?

Accepted Answer

$2.25

Question 26

A _____ economy is a system in which a country's government makes ALL economic decisions.

Accepted Answer

Command

Question 27

In a _____ economy, there is some government involvement while the business has say in how they run the business.

Accepted Answer

Mixed

Question 28

An item is $34.00 and is marked 20% off. What is the sale price?

Accepted Answer

$27.20

Question 29

A depression is a period of prolonged growth where the economy flourishes.

Accepted Answer

False

Question 30

During the ___ phase of the business cycle, the economy reaches the lowest point in a recession.

Accepted Answer

Trough

Chapter 3 Vocabulary Words

Questions 30

Chapter 3 Vocabulary Words

Questions 30