Chapter 3 Review Marketing ∙ Minot High School

EconomiesResources Economic Measurements The Business Cycle InflationMiscellaneous $100 $200 $300 $400 $500

In a market economy, who determines what is produced?

In this type of economy, the government answers three basic economic questions: what, how and for whom?

In this type of economy, the traditions and rituals answer the basic questions of what, how and for whom.

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

In a market economy, who determines for whom the products are made?

Full and part-time workers, managers and professionals are examples of which type of resource? A)Labor B)Capital C)Entrepreneurship D)Land

Money needed to start and operate a business

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

Economic term for the four categories of resources

A countries resources determine which economic activities they engage in. Which of the following activities may they engage in? A)Buying B)Selling C)Manufacturing D)Investing E)Transporting

Output per worker hour that is measured over a defined period of time, such as a week, month or year

The total dollar value of goods and services produced by a nation, including the goods and services produced abroad by U.S. citizens and companies

Measurement of the amount and quality of goods and services that a nation’s people have

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

A nation’s ___ is also known as a jobless rate.

This is the cycle of economic growth and decline

Characteristics of this term include: Low unemployment, High output of goods and services and High consumer spending

A period of prolonged recession characterized by businesses that are shut down, very high unemployment and very low consumer spending.

A period of economic slowdown that lasts for at least six months is known as a ___.

This signifies a period of renewed economic growth and is characterized by increasing GDP, increasing sales and increasing consumer spending.

Refers to a period of rising prices on goods and services

What is the target amount of inflation increase by banks? A)5% B)2% - 3% C)25% D)5% - 6.5%

What Causes Inflation?

What Happens during high inflation (two things)

Which of the following is a characteristic of double-digit inflation rates: A)Nation’s money increase in value B)Nation’s economy prospers C)Nation’s economy is stable D)Nation’s economy is devastated

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

All things used in producing goods and services are

In this type of economic system there is no government involvement in economic decisions. The market is free to answer what, how and for whom.

Economic philosophy in which the government controls the factors of production

The physical development of a country that includes roads, ports, utilities, and sanitation facilities is called