Marketing Dynamics Chapter 6

The amount of work a person can do in a specific amount of time, usually an hour.

The United States is often said to be a market economy; but, it is clearly a ____ economy

Type of economic system in which most citizens have just enough to survive.

Only individuals struggle with the problem of scarce, or limited, resources.

Currently, the two remaining countries with command economies are

The economic principle of supply and demand has no influence on product prices.

Those products that businesses use to produce other goods are called what?

When demand is higher than the available resources.

A mixed economy is one in which most citizens have just enough to survive

A raw material found in nature.

Type of economic system in which the government makes all of the economic decisions

All of the tools and machinery used to produce goods or provide services.

Pure market economies do not exist because all countries have some government influence

Economic input is the goods and services produced by an economic system during a specific time

The economic principle relating to the quantity of products available to meet consumer demand.

Factors of production are also called economic resources.

Which of the following is not a type of transportation infrastructure

Natural resources can include soil, water, minerals, plants, and animals.

Many European countries, such as Sweden and France, are social democracies

Type of economic system in which individuals are free to make their own economic decisions.

An economic resource a nation uses to make products and supply services for its citizens.

Digital technology is powered by steam and fuel combustion.

The value of the best option you did not choose.

the use of science to invent useful things or to solve problems

The science that deals with examining how goods and services are produced, sold, and used.

Every economic decision has an opportunity cost.

Which of the following is not a factor of production

economic system which both the government and individuals decide about economic resource.

is a socialist system of government achieved by democratic means

An organized way which a state or nation allocates its resources to create goods and services.

command economy is called a planned economy because government makes all economic decisions

the economic principle relating to the quantity of products available to meet consumer demand

Work performed by people in businesses.

All of a nation’s natural resources.

Individuals in a market economy cannot own private property.

In 1776, Scottish philosopher Adam Smith published ___ that outlined how a market economy works

Which of the following is not an economic question about scarcity that every nation must answer

See Image.

Infrastructure can easily be moved from place to place.