Marketing Chapter 3

Resource scarcity forces nations to make economic choices.

The output per worker hour that's measured over a defined period of time

A country's infrastructure includes its sewers, highways, and phone lines.

Political&economic philosophy characterize by marketplace competition&private ownership of bus.

North Korea is an example of what type of economy?

Social, political,&economic philosophy where the government controls the factors of production

When the economy stops slowing and may show signs that a recovery is near

All the things used in producing goods and services

Government makes economic decisions&decides what,when,&how much will be produced&distributed

What can the government do to boost a slowing economy?

Germany has a socialist economy; so the German people pay much less in taxes than Americans pay

In a command economy, it's consumers who decide what items will best satisfy their wants&needs

What is not an example of infrastructure?

Developing economies are mostly poor countries with little industrialization

The political system most frequently associated with capitalism is....

What government runs key industries and makes economic decisions? A classless society

A period of economic slow down that lasts for two quarters, or six months

No government involvement, individuals&consumers own production,&businesses compete 4 consumers

Based on cultural or religious practices&ideals that have been passed from 1 generation to next

Measures change in price over a period of time

The difference between wants and needs and available resources

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

As a factor of production, the term labor refers to both skilled and unskilled workers.

The last part of the business cycle is ......

The higher the unemployment rate, the greater the chances of an economic slowdown.

Double digit inflation rate is good because it shows the economy is stable.

When economy reaches lowest point in a recession, after the economic activity starts to rise

Which is NOT a factor of production?