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marketing & economic
| word | deffinition |
|---|---|
| Economy | the system of production and distribution and consumption. the overall measure of a currency system. |
| Free market | any market in which trade is unregulated an economic system free from government intervention. allows supply and demand to regulate prices, wages, etc, rather then government. |
| Competition | the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion. |
| Profit | the excess total of revenues over total cost in a given time period. |
| Price Competition | the rivalry among firms seeking to attract customers on the basis of price, rather than by the use of marketing factors |
| Factors of Production | the productive resources of an economy, usually classified as land, labor, and capitol. entrepreneurship is frequently included as a fourth factor of production |
| utility | the usefulness received by consumers from buying, owning, or consuming a product. |
| place utility | the increased usefulness created by marketing through making a product available at the place customers want |
| possession utility | the increases usefulness created by marketing through making it possible for a consumer to own, use, and consume a product. its also called ownership utility. |
| time utility | the increased satisfaction created by marketing through making products available at the time consumers want them |
| market economy | an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system. |
| mixed economy | a system in which both the state and the private sector direct the way goods and services are bought and sold |
| communism | a political philosophy or ideology advocating holding the production of resources collectively |
| socialism | a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
| capitalism | an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. |
| Productivity | the measure of economic output per unit of input of some resource, e.g. the economic output per hour of human labor. |
| Gross Domestic Product (GDP) | the estimate of the total national output of goods and services produced in a single country in a given time period and valued market price. |
| Gross National Product (GNP) | the money value of a nations entire output of final commodities and services in a given period |
| Consumer Price Index (CPI) | a statistical measure maintained by the U.S. government that shows the trend of prices of goods and services (a market basket) purchased by consumers. |
| Producer Price Index (PPI) | a monthly price index of about 2,800 commodities prepared by the U.S. Bureau of Labor Statistics, formerly known as the wholesale price index. |
| Inflation | an economic condition characterized by a continuous upward movement of the general price level. an increase in prices in a country that results in a decline in the purchasing power of consumers. |
| Standard of Living | relative measure of the general well being of a person or group |
| Unemployment Rate | the percent of the total labor force without a job |
| Supply | a schedule of the amounts of a good that would be offered for sale at all possible prices at any one instance of time. the number of units of a product that will be put on the market over a period of time |
| Demand | the schedule of the amounts that buyers would be willing to purchase at a corresponding schedule of prices in a given market at a given time. the number of units of a product sold in a market over a period of time. |
| Elastic | A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which individuals (consumers/producers) change their demand/amount supplied in response to price or income changes |
| Inelastic | a situation in which a cut price yields such a small increase in quantity taken by the market that total revenue decreases, a situation in which the percentage of quantity taken in the market "stretches" less than the percentage drop in the price. |
| Equilibrium | a situation in which the quantity and price offered by sellers equals the quantity and price taken by buyers |
Created by:
emilyknowles
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