Marketing Chapter 3 Review

This term refers to both skilled and unskilled workers in the private and public sectors

• Entrepreneurship
• Capital
• Unemployment
• Labor

In this type of economy, the individual consumers decide what items will best satisfy their wants and needs

• Command
• Market
• Traditional
• Socialist

This includes sewers, highways, and phone lines.

• Infrastructure
• Economies
• Markets
• Utility

This consists of product, place, price, and promotional decisions

• Situational Analysis
• Target market
• Executive Summary
• Marketing mix

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

• Economy
• Utility
• Market
• Command

Which of the following is not a factor of production?

• Capital
• Land
• Entrepreneurship
• Economies of scale

Canada has a socialist economy; therefore, Canadians pay low taxes on income.

• True
• False

Scarcity of resources forces nations to make economic choices.

• True
• False

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

• Businesses
• Consumers
• Government
• Labor

Which economy would best describe the U.S. economy?

• Mixed
• Traditional
• Command
• Market