Marketing Chapters 3-4 Review

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Across
  1. 2. what your country buys from other countries
  2. 4. a period of prolonged recession
  3. 7. measured by per capita gdp/gnp
  4. 8. type of economy where decisions are made by consumers and private businesses
  5. 12. group of over 140 countries that manage world trade
  6. 13. political economic system characterized by individual freedoms and the "invisible hand"; inspired by Adam Smith's The Wealth of Nations
  7. 15. political economic system characterized by little economic freedom and a classless society with the goal of no unemployment; inspired by Karl Marx's The Communist Manifesto
  8. 16. free trade agreement between the US, Canada, and Mexico
  9. 19. the people who work
  10. 20. meaning "per person"
  11. 21. when confidence, spending, and GDP begin to rise again after a recession
  12. 23. common market of 28 European countries who share the same trade guidelines
  13. 25. the value of all goods and services produced within the borders of a given country
  14. 26. what you country sells to other countries
  15. 27. a total ban on trade
  16. 31. rising consumer confidence, spending, and GDP in the business cycle
  17. 32. measures inflation for producers
  18. 33. type of economy where decisions are made based on culture and religion from generations before
  19. 34. sending your product to other countries to be sold
  20. 36. limit on imports, meant to limit supply of imports
  21. 37. the value of all goods and services produced by the companies within the borders of a given country
Down
  1. 1. when a country can produce a good with the least sacrifice of resources compared to others
  2. 3. political economic system characterized by high taxes and government services; inspired by Karl Marx's The Communist Manifesto
  3. 5. natural resources
  4. 6. the money and materials used to produce goods and services
  5. 9. measures inflation for consumers
  6. 10. when a country can produce a good the fastest/cheapest
  7. 11. the four basic categories of resources
  8. 14. highest point of spending and GDP in business cycle
  9. 17. resources are limited and cannot meet our unlimited needs and wants
  10. 18. buying or building property in another country for your company to use
  11. 19. allowing a foreign company to use your intellectual property for a fee
  12. 22. hiring a foreign manufacturer to make your product
  13. 24. type of economy where decisions are made by the government
  14. 26. the skills and ideas of those who start businesses
  15. 28. falling consumer confidence, spending, and GDP in the business cycle
  16. 29. what occurs when your country's imports exceed exports
  17. 30. tax on imports, meant to raise prices on imports and limit demand for them
  18. 35. the lowest point of spending and GDP in the business cycle