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Marketing Economics

TermDefinition
Economy The system of production, distribution and consumption. The overall measure of currency.
Free Market Allows the market to go without government regulation. Supply and demand controls the prices and production.
Competition Rivalry between similar businesses leading to them wanting to be better than the other. Includes prices, products, offers, etc.
Profit The amount after subtracting the total cost from the total revenue.
Price Competition Competition to attract customers by price.
Factors of Production The productive resources of an economy. Land, capital and labor.
Utility The usefulness from the product.
Place Utility Making a product available where the consumer wants it.
Possession Utility Making it more appealing by giving the consumer the chance to own the product.
Time Utility The increased satisfaction created by marketing through making products available at the time consumers want them
Market Economy 1. (environments definition) An economic system in which decisions concerning production and consumption are made by individuals and organizations without intervention by a central planning authority. The economic "laws of supply and demand" operate
Mixed Economy - a system in which both the state and 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 Any of various economic and political philosophies that support social equality, collective decision-making, distribution of income based on contribution and public ownership of productive capital and natural resources, as advocated by socialists.
Capitalism - a socio-economic system based on the abstraction of resources into the form of privately-owned money, wealth, and goods, with economic decisions made largely through the operation of a market unregulated by the state
Productivity - A measure of the economic output per unit of input of some resource, e.g., the economic output per hour of human labor. Gross Domestic Product (GDP) - An estimate of the total national output of goods and services produced in a single country in a
Gross Domestic Product (GDP) The money value of a nation's entire output of final commodities and services in a given period.
Gross National Product (GNP) 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
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 A 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 situation in which a cut in price increases the quantity taken in the market enough that total revenue is increased. A situation in which a given change in the price of an economic good is associated with a more than proportionate change in the quan
Inelastic A situation in which a cut in 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 price.
Equilibrium A situation in which the quantity and price offered by sellers equals the quantity and price taken by buyers
Created by: mhughett
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