Froggy Jumps Marketing Management Chapter 8Version en ligne Economic Systems par 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
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