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economics marketing
marketing
| Term | Definition |
|---|---|
| economy | the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services |
| free market | an economic system in which prices are determined by unrestricted competition between privately owned businesses |
| competition | the activity or condition of competing. |
| profit | a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. |
| price competition | two products which are substantially similar are judged by prospective consumers on their respective pricing, with the purchase made mostly on the basis of which is cheaper. |
| factors of production | include land, labor, capital and entrepreneurship. |
| utility | the state of being useful, profitable, or beneficial. |
| place utility | the increased usefulness by marketing a product at a certain location |
| possession utility | making it possible for a consumer to own, use, and consume a product |
| time utility | created by marketing at a time consumers want a product |
| market economy | 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 | an economic system combining private and public enterprise. |
| communism | a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs. |
| 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 | 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 | he effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input. |
| gross domestic product (GDP) | GDP represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time. |
| gross national product (GNP) | the value of all finished goods and services produced in a country in one year by its nationals. |
| consumer price index (CPI) | is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. |
| producer price index (PPI) | A family of indexes that measures the average change in selling prices received by domestic producers of goods and services over time. PPIs measure price change from the perspective of the seller. |
| inflation | general increase in prices and fall in the purchasing value of money. |
| standard of living | the degree of wealth and material comfort available to a person or community. |
| unemployment rate | The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. |
| supply | make (something needed or wanted) available to someone; provide. |
| demand | something wanted by consumers |
| elastic | sensitive to changes in price or income. |
| inelastic | not sensitive to changes in price or income. |
| equilibrium | a situation in which supply and demand are matched and prices stable. |
Created by:
parker.pickel
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