Marketing Principles Ch. 3

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The output per worker hour that is measured over a defined period of time, such as a week, month or year is known as...

The recurring changes in economic activity are called...

There is no government involvement in economic decisions in this type of economy.

This term refers to the skills of people who are willing to invest their time and money to run a business.

Land, Labor, Capital and Entrepreneurship, in economic terms, are all known as...

This measures the change in price over a period of time of some 400 specific retail goods and services used by the average urban household.

In this type of economy, a country's government makes economic decisions and decides what, when and how much will be produced and distributed.

The output of goods and services produced by labor and property located within country is known as...