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Marketing Chapter 3: Economy Flashcards | StudBud
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Marketing Chapter 3: Economy
Marketing Chapter 3: Economy
25 terms
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StudBud Administration
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390 plays
Politics and Economics in regards to Marketing #marketing #businesscycle #economics
Flashcards
25 cards
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Questions
25
Answers
1
Measures goods/services produced by US businesses OUTSIDE of the US, as well as those within.
IR
CSI
GNP
GDP
2
For a healthy economy, we need to decrease
employment
productivity
capital
unemployment
3
"Prosperity" refers to which phase of the business cycle?
recession
expansion
recovery
depression
4
What are the factors of production?
The GNP, the GDP, and the CPI
A production linge
land, labor, capital, infrastructure, and entrepreneurship
The resources of a country
5
The phase of the business cycle where the economy is flourishing.
expansion
recovery
depression
recession
6
Measures goods/services produced by US businesses ONLY WITHIN the US.
GDP
CSI
GNP
IR
7
What are the phases of the business cycle?
Expansion, inflation, recession, and depression
Expansion, contraction, and recession
Expansion, recession, trough, and recovery
Depression, recession, and peak
8
Which of the following is NOT an economic question?
For whom should we make them?
When should we make them?
which goods should we make?
How should we make them ?
9
The phase of the business cycle where the economy has been bad for more than 6 months.
recovery
expansion
recession
depression
10
The phase of the business cycle where the economy is getting stronger.
expansion
depression
recession
recovery
11
Which economy do we live in?
mixed
market
traditional
command
12
A market economy is different than a command economy because
There is no government involvement in economic decisions
Businesses cannot decide how much goods to produce
It is a traditional economic system
It is a mixed economy
13
Select the statement that best defines the term economy
A political system that defines how resources can be used
Measurement of how much a country’s people earn on average
The same thing as factors of production
The organized way a nation provides for its needs and wants
14
The difference between people's wants and needs, and the resources available to meet them:
inflation
scarcity
productivity
standard of living
15
A rise in prices, etc:
standard of living
scarcity
productivity
inflation
16
The computer in the office is an example of:
Land
Entrepreneurship
Capital
Labor
17
The waitress at Olive Garden is an example of:
Labor
Capital
Land
Entrepreneurship
18
What is a command economy?
An economic system where the market determines demand
no government involvement, the people are in control
government makes economic decisions about what, when, & how
System most often associated with democratic countries
19
"Trough" refers to which phase of the business cycle?
expansion
recovery
recession
depression
20
The owner of the company an example of:
Capital
Labor
Entrepreneurship
Land
21
The phase of the business cycle where the economy is slowing down.
depression
recovery
recession
expansion
22
Consumer confidence refers to people feeling comfortable about:
surfing
sewing
skiing
spending
23
An economic measurement based on the quantity and quality of goods that the average people own:
standard of living
productivity
scarcity
inflation
24
The ocean and coastline is an example of:
Land
Labor
Capital
Entrepreneurship
25
Measures the output of product, per worker hour.
inflation
productivity
standard of living
scarcity
