Marketing - Economics Unit

You have $1. You want to buy soda and gum, You buy the gum! What is the opportunity cost?

Wants are the basics we need for living.

The US has experienced _____ major economic shifts.

The unemployment rate includes people who are willing and able to work, but cannot find a job

Command economies are when:

What is defined by the study of producing, distributing, and consuming goods and services.

Replanting trees that have been cut down is an investment in

Decisions regarding the use of resources are usually made by..?

Raw materials that people can use to create a product is called what?

The driving force of our economy is consumer wants and needs.

What does the inflation rate tell us about our economy?

The last step in the decision making process is to take action.

A buyer is also called a _________.

Some economies are based purely on ONE economic system.

Anything that you buy that you can hold or touch is considered what?

What is in example of a Socialist Economy?

In order to define their economy, nations must decide WHY goods or services should be produced

In a recession, people are more likely to save money than spend it.

Capitalism is a type of mixed economy.

Why do we have to make choices about how we spend our money?

When the economy is not doing well/very bad (Great Depression), what happens to unemployment?

The inflation rate is the general decrease in the price of goods/services

Private enterprise is associated with which of the following:

True/False: There are four basic economic questions that every nation must answer.

Investment in updating computer technology, machinery and equipment are investments in

The USA is considered to be an example of a capitalist country (mixed economy)

A person who takes the risk to start their own business is called

Factors of production include all of the following EXCEPT:

Producers and consumers make all the economic decisions in which economic system?

The government controls all aspects of the economy in which system?

Economic decisions are made by all of the following groups EXCEPT:

What are figures used to measure a country's performance called?

The labor force includes not only people who are employed, but also

As a country's GDP rises their standard of living usually?

Examples of needs include: food, water, shelter, and clothing

Economics involves decisions regarding the use of ____________.

The 3 questions that must be answered by the economic system are

Which economic indicator tells us if our economy is picking up or slowing down?