Marketing Management Chapter 8

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Economic Systems

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Marketing Management Chapter 8


Froggy Jumps Marketing Management Chapter 8Online version Economic Systems by Lula Jordan 1 The area of study that relates to producing and using goods and services that satisfy human wants. a economics b utility c producer 2 The desire for scarce goods and services. a wish list b economic wants c factors of production 3 Desires for nonmaterial things that are not scarce. a human capital b producer c noneconomic wants 4 The ability of a good or service to satisfy a want. a labor b factors of production c utility 5 Anything provided by nature that positively contributes to the productive ability of a country. a utility b economic wants c natural resources 6 Anyone who creates utility. a human capital b demand c producer 7 Land, labor, capital goods, and management, the four basic resources that are combined to create useful goods and services. a factors of production b labor c human capital 8 The human effort, either physical or mental, that goes into the production of goods and services. a economics b producer c labor 9 Accumulated knowledge and skills of human beings; the total value of each person’s education and acquired skills. a human capital b labor c capital goods 10 Buildings, tools, machines, and other equipment that are used to produce other goods but do not directly satisfy human wants a economics b factors of production c capital goods 11 The production of capital goods. a capital formation b privatization c command economy 12 Goods and services that satisfy people’s economic wants directly. a market economy b human capital c consumer goods and services 13 An organized way for a country to decide how to use its productive resources; that is, to decide what, how, and for whom goods and services will be produced. a labor b mixed economy c economic system 14 An economic system that uses aspects of a market and a command economy to make decisions about what, how, and for whom goods and services are produced. a mixed economy b socialism c economic want 15 An economic system in which individual buying decisions in the marketplace together determine what, how, and for whom goods and services will be produced. a market economy b human capital c capitalism 16 An economic system in which a central planning authority, under the control of the country’s government, owns most of the factors of production and determines what, how, and for whom goods and services will be produced. a mixed economy b market economy c command economy 17 Transfer of authority to provide a good or service from a government to individuals or privately owned businesses. a capitalism b privatization c labor 18 Items of value that individuals can own, use, and sell. a human capital b market economy c private property 19 An political-economy system in which the government controls the use of the country’s factors of production. a capitalism b socialism c communism 20 Extreme socialism, in which all or almost all of a nation’s factors of production are owned by the government. a capitalism b socialism c communism 21 A political-economy system in which private citizens are free to go into business for themselves, to produce whatever they choose to produce, and to distribute what they produce. a capitalism b socialism c communism 22 The number of products that will be bought at a given time at a specific price point. a demand b supply c competition 23 The number of like products that will be offered for sale at a given time and at a specific price point. a supply b private property c demand 24 Rivalry among sellers for consumers’ dollars. a competition b human capital c privatization 25 Situation in which a country’s output exceeds its population growth. a mixed economy b economic growth c privatization 26 A decline in the GDP that continues for six months or more. a recession b economy c human capital 27 A measure of the average change in prices of consumer goods and services typically purchased by people living in urban areas. a consumer price index (cpi) b economic growth c human capital 28 A rise in prices caused by an inadequate supply of goods and services. a recession b supply c inflation 29 Patterns of irregular but repeated expansion and contraction of the GDP. a business cycles b recession c inflation 30 A long and severe drop in the GDP a depression b business cycles c economics

Marketing Management Chapter 8

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Marketing Management Chapter 8Online version

by Lula Jordan

The area of study that relates to producing and using goods and services that satisfy human wants.

The desire for scarce goods and services.

Desires for nonmaterial things that are not scarce.

The ability of a good or service to satisfy a want.

Anything provided by nature that positively contributes to the productive ability of a country.

Anyone who creates utility.

Land, labor, capital goods, and management, the four basic resources that are combined to create useful goods and services.

The human effort, either physical or mental, that goes into the production of goods and services.

Accumulated knowledge and skills of human beings; the total value of each person’s education and acquired skills.

Buildings, tools, machines, and other equipment that are used to produce other goods but do not directly satisfy human wants

The production of capital goods.

Goods and services that satisfy people’s economic wants directly.

An organized way for a country to decide how to use its productive resources; that is, to decide what, how, and for whom goods and services will be produced.

An economic system that uses aspects of a market and a command economy to make decisions about what, how, and for whom goods and services are produced.

An economic system in which individual buying decisions in the marketplace together determine what, how, and for whom goods and services will be produced.

An economic system in which a central planning authority, under the control of the country’s government, owns most of the factors of production and determines what, how, and for whom goods and services will be produced.

Transfer of authority to provide a good or service from a government to individuals or privately owned businesses.

Items of value that individuals can own, use, and sell.

An political-economy system in which the government controls the use of the country’s factors of production.

Extreme socialism, in which all or almost all of a nation’s factors of production are owned by the government.

A political-economy system in which private citizens are free to go into business for themselves, to produce whatever they choose to produce, and to distribute what they produce.

The number of products that will be bought at a given time at a specific price point.

The number of like products that will be offered for sale at a given time and at a specific price point.

Rivalry among sellers for consumers’ dollars.

Situation in which a country’s output exceeds its population growth.

A decline in the GDP that continues for six months or more.

A measure of the average change in prices of consumer goods and services typically purchased by people living in urban areas.

A rise in prices caused by an inadequate supply of goods and services.

Patterns of irregular but repeated expansion and contraction of the GDP.

A long and severe drop in the GDP