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Marketing ch 2&3
| Question | Answer |
|---|---|
| resources- | all the things used in producing goods/services |
| specialization- | one of the key concepts related to increasing productivity |
| standard of living- | measurement of the amount/quality of goods and services that a nation's people have |
| capital- | money needed to start/operate a business |
| recovery- | period of renewed economic growth right after a recession/depression |
| communism- | social, political, and economic philosophy in which the government, usually authoritarian,controls the factors of production |
| inflation- | rising prices in a government |
| command economy- | an economic system in which the government decides what, when, and how much will be produced/distributed |
| recession- | period of economic economic slowdown for 6 months |
| GNP- | total dollar value of goods/services provided by a nation |
| licensing- | letting another company use a trademark, patent, special formula, company name, or some other intellectual property for a fee/loyalty |
| quota- | a limit on the quantity/monetary value of a product that will be imported |
| WTO- | a coalition of nations that makes rules governing international trade |
| imports- | goods and services purchased from other countries |
| protectionism- | government's establishment of economic policies that systematically restricts imports in order to protect domestic industries |
| tariffs- | taxes of imports |
| balance of trade- | difference in value between exports and imports of a nation |
| embargo- | total ban on specific goods coming into and leaving a country |
| NAFTA- | international trade agreement among U.S., Canada, and Mexico |
| contract manufacturing- | process of hiring a foreign manufacturer to make products according to certain specifications |
| An example of contract manufacturing? | When something is Made In China |
| exports- | goods/services sold to other countries |
| foreign direct investment- | establishment of a business in a foreign country |
| What are the 4 types of production? | Land- everything contained in earth or on the seas Labor-all people that work Capital-money needed to start/operate a business Entrepreneurship-skills of people of risk starting a business |
| Give examples of the four types of production.. | Land-coal, crude oil, trees, lakes Labor-full/part time workers, managers, professionals Capital-factories, computers, tools, office buildings Entrepreneurship- employers |
| What does resource scarcity force nations to do? | make economic decisions |
| Describe a command economy. | A country's government makes economic decisions and decides what, when, and how much will be distributed/produced. They control all economic decisions and factors of production |
| Describe a market economy. | No government involvement in economic decisions. Individuals and companies own means of productions and businesses compete for consumers |
| What is considered a company's infrastructure? | roads, ports, sanitary facilities, utilities |
| What is an economy? | organized way a nation provides for the needs/wants of people |
| Ina communist society, which entity is in charge of making the decisions? | the government |
| What is a socialist economy? Does a socialist nation pay more taxes than a capitalist nation? | In a socialist economy, medicare is free along with education. Socialism is referred to a system on its way to the communist ideal of a classless society; And yes, businesses in a socialist nation pay more taxes than a capitalist nation |
| What is the balance of trade? | The difference in value between a nation's imports and exports |
| How is a trade surplus/trade deficit calculated? | trade surplus-when a nation has more exports than imports trade deficit-when a nation has more imports than exports |
| What are the 3 types of trade barriers governments can utilize to control and monitor their trade with foreign businesses? | tariffs-taxes on imports quotas-limitation on imports protectionism- causes more domestic industries to rise |
| List 3 major benefits to contract manufacturing. | Lower wages inexpensive labor allows companies to be more competitive to their pricing |
| What are the steps of the business cycle? | expansion-time when the economy is flourishing recession-period of economic slowdown that lasts about 6 months depression-period of prolonged recession recovery-a period of renewed economic growth following a recession/depression |
| What's globalization? | selling the same product and using the same promotion methods in all countries |
| What are six key economic factors relevant to doing business in another country? | infrastructure, labor force, employee benefits, taxes, standard of living, foreign exchange rate |
| What's a joint venture? | a business enterprise that companies set up together |
| Talk about the trading alliances WTO, GATT, NAFTA, and EU. | WTO-coalition of nations that make rules governing intl. trade GATT-international trade agreement designed to open markets & promote global free trade NAFTA-intl. trade agreement among US,Mexico,and Canada EU-European trading among countries in Europe |
| Who was the GATT succeeded by? | WTO |
| What type of trade does the EU have? | free trade |
| What's customization? | creating specially designed products or promotions for certain countries or region |
| GOOD LUCK! | GOOD LUCK! |
Created by:
sahil
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