Marketing Vocabulary #7

 

1.                  Resources (factors of production) – all the things used in producing goods and services

 

2.                  Land (natural resources) – refers to everything on earth that is in its natural state

 

3.                  Labor – all the people who work in the economy

 

4.                  Capital – money needed to start and operate a business; goods used in the production process; raw materials that have been processed into a more useful form

 

5.                  Entrepreneurship – skills of people who are willing to risk their time and money to run a business

 

6.                  Infrastructure – the physical development of a country, including roads, ports, sanitation facilities, and utilities

 

7.                  Productivity – output per worker hour that is measured over a defined period of time

 

8.                  GDP (Gross Domestic Product) – a measure of the goods and services produced using labor and property located in this country

 

9.                  Inflation – rising prices often referred to in %; (1-5% is good because it shows the economy is stable); 10% or higher devastates an economy – money doesn’t have the same value it did with lower inflation

 

10.              Unemployment rate – unemployed, jobless rate in a country