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Factors of Production
Types of Economies
Definitions
Economic Measures
International Trade
100
This FOP includes everything contained in the earth or found in the seas.
What is Land?
100
A type of economy in which there is no government involvement in economic decisions and companies own the means of production and businesses compete for consumers.
What is a market economy?
100
A political and economic philosophy characterized by marketplace competition and private ownership of businesses. It is the same as free enterprise.
What is Capitalism?
100
Rising prices
What is Inflation?
100
The difference in value between exports and imports of a nation.
What is the balance of trade?
200
This FOP refers to all the people who work.
What is Labor?
200
A type of economy in which a country's government makes economic decisions and decides what, when and how much will be produced and distributed. The government controls the factors of production and make all decisions about their use.
What is a command economy?
200
A social, political and economic philosophy in which government, usually authoritarian, controls the factors of production. There is no private ownership of property or capital.
What is Communism?
200
The output of goods and services produced by labor and property located within a country.
What is Gross Domestic Product (GDP)?
200
A tax on imports.
What is a tariff?
300
This FOP includes money to start and operate a business.
What is Capital?
300
A type of economy in which there are characteristics of more than one type of pure economy.
What is a mixed economy?
300
A political and social philosophy that is similar to capitalism but has an increased amount of government involvement in the economy and a greater emphasis on social services and much higher taxes.
What is Socialism?
300
The output per worker hour that is measured over a defined period of time, such as a week, month or year. It can be increased if a company invests in new new equipment or facilities that allows employees to work more efficiently, or by increasing wages to improve movitation to work harder.
What is Productivity?
300
The three global marketing strategies.
What are globalization, adaptation and customization?
400
Capital includes this physical development of a country - things like roads, ports, sanitation facilities, utilities and telecommunications.
What is Intrastructure?
400
A type of economy in which traditions and rituals answer the basic economic questions of what, how and for whom products will be produced.
What is a traditional economy?
400
The difference between wants and needs and available resources.
What is Scarcity?
400
The change in price over a period of time of some 400 specific retail goods and services used by the avearge urban household.
What is the Consumer Price Index (CPI)?
400
A business enterprise that companies set up together.
What is a joint venture?
500
This FOP refers to the skills of people who are willing to invest their time and money to run a business.
What is Entrepreneurship?
500
A type of economy in many poor countries with little industrialization that are trying to become more prosperous and develop their intrastructure. Much of their success depends on improving the education levels of their work force and on directing and using foreign investment efficiently.
What is a developing country?
500
The low point in the business cycle, marking the transition from recession to recovery. During this time, the economy sstops slowing and may show signs that a recovery is near.
What is a Trough?
500
The jobless rate.
What is the unemployment rate?
500
When a government establishes economic policies that systematically restrict imports in order to protect dometic industries.
What is Protectionism?