Chapter 3 Vocabulary Words

In a _____ economy, there is NO government involvement.

Inflation is when prices drop.

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

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

All the things used in producing goods and services.

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

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

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

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

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

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

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

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

A belief; an abstract thought or idea

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

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

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

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

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

the physical development of a country

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

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

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

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

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

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

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

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

There are 3 types of economic systems.

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