Marketing Quiz

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

The physical development of a country.

All the things used in producing goods and services.

Output per worker hour that is measuered over a defined period of time (month, year, etc.)

Expansion- a time when the economy is flourishing.

Depression- A prolonged period of recession.

Traditional economic systems have no sense of community.

Gross Domestic Product: the total value of services provided during a year.

A period of economic slowdown that lasts for at least two quarters of a year or six months.

You can _____ in new equipment or facilities that allow your employees to work more efficiently.

What is the total dollar value of goods and services produced by a nation, including those abroad?

Includes the following key phrases: Expansion, Recession, Trough, and Recovery

______ of Production- work can be completed faster and more efficiently when people specialize in certain areas.

Signifies a period of renewed economic growth following a recession or depression.

Land, Labor, Capital, and Entrepreneurship.

The _____ behind these practices is that goods owned in common.......

refers to People who are willing to invest their time and money to run a business.

The tool used to measure the change in price of goods and services used by the average urban household.

A low ______ rate is good because it shows that an economy is stable.

What does a Pure Market Economy consist of?

Countries with different economic systems have different _______ when making choices.

A country's government makes ALL economic decisions in a _______ ________.

The difference between wants and needs and available resources.

Producer Price Index regulates wholesale price levels in the economy.