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Understanding Economic Resources and Business Cycle Impacts

Explore key concepts related to economic resources, the stages of the business cycle, and consumer behavior. Learn about high unemployment and poverty periods, how consumer willingness to buy fashion changes, and the role of competition in markets. This content investigates various types of goods and services, the importance of utility in consumer decisions, and the implications of global trade policies. Discover the mechanics of franchises, boutiques, and discount stores while examining the dynamics of trade deficits and manufacturing trends.

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Understanding Economic Resources and Business Cycle Impacts

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  1. 3.02-3.04 Review

  2. What are economic resources?

  3. What stage of the business cycle has high unemployment and poverty?

  4. What stage of the business cycle has gradual increase in fashion products?

  5. What stage of the business cycle has rising unemployment?

  6. What stage of the business cycle are consumers willing to buy more fashion products?

  7. What is non-price competition?

  8. What is a consumer?

  9. What is a customer?

  10. What is indirect competition?

  11. What is a entrepreneur?

  12. What is the driving force behind the free market system?

  13. What type of competition is a T-Shirt company under?

  14. What type of competition is the blue jean industry under?

  15. When demand decreases….price usually…

  16. When a product is high in demand…price usually…

  17. When supply is high price is usually….

  18. When the price of a product increases, demand will usually…

  19. What is a service?

  20. What is a good?

  21. What type of utility would be in affect with suit alteration?

  22. What type of utility is in play if a swimsuit was in a swim shop?

  23. What is time utility?

  24. What is possession utility?

  25. What is information utility?

  26. What are industrial services?

  27. What are consumer services?

  28. Kate Space is an example of what type of good?

  29. What is a department store?

  30. Concord Mills is an example of what?

  31. What is a franchise?

  32. Home shopping network and QVC are examples of what?

  33. What are boutiques?

  34. What stores are LOCALLY OWNED?

  35. What type of store can you find production overruns, end of season goods and irregulars?

  36. What are discount stores?

  37. Why are US apparel companies taking advantage of manufacturing outside of the US?

  38. Who is a part of NAFTA?

  39. Why is Japan a word exporting leader?

  40. South Korea, Taiwan, Hong Kong and Singapore are known for what?

  41. What is the Eurpopean Economic Community?

  42. What are the disadvantage of US protectionism?

  43. What is trade deficit?

  44. What are the most commonly counterfeited apparel items?

  45. What country exports fine home-crafted apparel but accepts no imports?

  46. What are exports?

  47. What is a quota?

  48. What is offshore production?

  49. What is the word I want you to remember for tariff?

  50. What are sweatshops?

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