Marketing Semester Test Review Unit 4

The economic resource that consists of everything in its natural state - coal, oil, water

• Land/Natural
• Labor/Human
• Capital
• Entrepreneurship

The economic resource that consists of all the people who work in the economy.

• Land/Natural
• Labor/Human
• Capital
• Entrepreneurship

The money & equipment needed to operate a business.

• Land/Natural
• Labor/Human
• Capital
• Entrepreneurship

The person who is willing to risk their time and money to run a business.

• Land/Natural
• Labor/Human
• Capital
• Entrepreneurship

The economic concept that people/nations have unlimited needs & wants but limited resources. 

• Scarcity
• Marketing
• Consumerism
• Industrialization

In this economic system consumers decide what will be produced (Capitalism/USA).

• Market Economy or Free Enterprise
• Command Economy or Communism 

In this economic system the government controls all the factors of production.

• Market Economy or Free Enterprise
• Command Economy or Communism 

The way a nation answers the economic questions of what to produce, how to produce, and for whom to produce.

• Marketing
• Economy
• Consumerism
• Industrialization

The difference between exports and imports.

• Marketing Balance
• Balance of Trade

The methods of restricting trade between countries.

• Marketing Barriers
• Trade Barriers
• Industrial Barrier
• Consumer Barriers