Marketing Ch. 3

Something that is used in producing a good or service

• Resource

• Economy

• Sales

• Form

How man factors of production are there?

• 3

• 4

• 5

• 7

Nations having unlimited wants but limited resources is an example

• Resources

• Economy

• Scarcity

• Market

What are the 3 Types of Economies?

• Command, Market, Traditional

• Scarcity, Land, Capital

• Capital, Land, Labor

• Labor, Market, Scarcity

The US economic philosophy is most similar to:

• Capitalism

• Land

• Scarcity

• Communism

An example of an economic measurement (Indicator) is:

• Employment

• Scarcity

• Business Cycle

• GDP

Inflation refers to the rising prices

• True

• False

Expansion is one of the times during a business cycle were the economy is flourishing

• True

• False

An economy is in a recession when there is an economic slow down for 2 weeks

• True

• False

The government, consumers, and businesses influence business cycles

• True

• False