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Ch3: Marketing

Chapter 3: Political & Economic Analysis

QuestionAnswer
organized way a nation provides for the needs and wants of its people economy
all things used in producing goods and services resources
land, labor, capital, entrepreneurship factors of production
physical development of a country infrastructure
skills of people willing to invest time & money to run a business entrepreneurship
not enough; difference between needs & wants and available resources scarcity
traditions & rituals decide what, how, & for whom things will be produced traditional economy
no government is involved in economic decisions market economy
governement decides what, when, how much will be produced & distributed command economy
everything contained in earth or found in seas land
all people who work labor
money, factories, buildings, tools, raw materials, goods used in production process capital
output per worker hour measured over a period of time productivity
output of goods & services produced in a country in a year GDP (Gross Domestic Product)
total dollar value of goods & services produced by a nation at home or away GNP (Gross National Product)
rising prices inflation
measures the change in consumer price over a period of time CPI (Consumer Price Index)
measures wholesale levels in the economy PPI (Producer Price Index)
recurring changes in economic activity (expansion, recession, depression, recovery) business cycle
period of prosperity and growth expansion
period of economic slow-down that lasts at least 6 months recession
long period of recession (high unemployment, businesses close, customers don't buy, production drops) depression
period of renewed economic growth following a recession or depression recovery
What, How, For Whom? 3 basic economic questions
Created by: kweenbee30