Determining the economy
Elements that can be used in the production process to make appliances, automobiles and other products
What is Land & Natural Resources?
China is a country that operates on this type of command economy
What is socialism?
In the United States, women own what percentage of private businesses?
What is 49%?
A monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area
What is consumer price index (CPI)?
The type of market or industry where there is only one seller
What is a monopoly?
The time and effort that we use to product goods and services
What is Labour?
Cuba is a country that operates on this type of command economy
What is communism?
Most new businesses are started in this industry
What is the service industry?
The percentage of a nation's population out of work at a given time
What is the unemployment rate?
A loose measure of how well off a nation or individual is
What is standard of living?
The facilities, cash or machines used in the operation of organizations
What is capital?
A type of economy characterized by high government control and interference and the absence of private property
What is a command economy?
The primary reason for opening a business is
To make a profit
A measure of prices that producers receive for their finished goods
What is producer price index (PPI)?
The type of competition that owners/operators of petroleum gas companies in the Bahamas have
What is an oligoboloy?
The activity that organizes all the other factors of production
What is entrepreneurship?
A type of economy that is characterized by free markets, private land ownership and low government interference.
A person who risks time, effort, and money to start and operate a business
What is an entrepreneur?
The total dollar value of all goods produced by all people with the boundaries of a country during a one year period
What is gross domestic product (GDP)?
Both Starbucks and Dunkin Donuts sell coffee drinks. Dunkin donuts has decided to serve coconut, blueberry and chocolate flavor coffee drinks while Starbucks serves caramel and white chocolate and passionfruit flavored drinks. This strategy is called
Product differentiation
The aspects that go into producing goods as services. Whomever controls these is a country determines what type of economy that country has.
What are factors of production?
The Bahamas can best be described as what type of economy?
The way in which people deal with the creation and distribution of wealth
What is the economy?
A general rise in the level of prices
What is inflation?
A market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of the product
What is perfect competition?