Clearview Marketing Essentials Ch 3 Political & Economic Analysis

In a command economy, who decides how products are produced?

Resource scarcity forces nations to make economic choices...

Which of the following is not a phase of the Business Cycle?

A period of economic slow-down that lasts for at least two quarters or six months.

Which economy would best describe that  of the US?

The money a firm raises is considered which factor of production?

Difference between wants and needs and available resources is called.

What day does Christmas fall on this year?

In a market economy, who decides whether a business will survive or fail?

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The term _____ refers to a period of renewed economic growth.

Money to start and operate a business...

Measurement of the amount of goods and services people have...

A period of prolonged recession.

Governments raise interest rates during this time...

In a market economy, who decides how products are produced?

In economic terms _____ refers to people who work in the public and private sectors.

In economic terms, land , labor, and capital refers to ...

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

The output of goods and services produced by labor and property located within a country.

A period when prices rise is called Inflation period.

Reduced workforce and less consumer confidence is an example of the trough phase of the business cycle.

A tree growing in a forest is a factor of production called...

In a traditional economy, who decides how products are produced?

Measures wholesale price levels in the economy.

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In a command economy, it is the consumers that decide what items will satisfy their wants/needs

A country's infrastructure includes...

The total dollar value of goods and services produced by a nation, including produced abroad.

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What is the organized way a nation provides for the needs and wants of its people?

The higher the ___________, the greater chances of an economic slowdown.

A time when the economy is flourishing, sometimes referred to as a period of prosperity.

Germany is a socialist country, therefore, Germans pay less taxes than Americans?