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economics n' market
| Question | Answer |
|---|---|
| Economy | System of production distribution and consumption. Overall measure of a currency system. |
| Free market | Market where Gov. has little control over what is produced and sold. |
| Competition | Rivalry in business, as for customers or markets. |
| Profit | Money left after all expenses are paid. |
| Price Competition | Suppliers sell products for different prices to try and sell more than the other companies. |
| Factors of Production | Land, Labor, Capital, Entrepreneurship. |
| Utility | The functions of marketing add value to a product. |
| Capitalism | where most businesses are owned and operated by individuals. |
| Gross Domestic Product (GDP) | How much money the Gov. brings in, in a fiscal year. |
| Consumer Price Index (CPI) | measures the rate of inflation by determining price changes of a hypothetical basket of goods, such as food, housing, clothing, medical care, appliances, automobiles, and so forth, bought by a typical household. |
| Inflation | When an increase in amount of dollar bills leads to decrease in value of dollar bill. |
| Unemployment Rate | How many citizens are unemployed. |
| Demand | quantity of a product that buyers are willing to purchase at various prices. |
| Inelastic | Any change in price has little to no effect on demand. |
| Equilibrium | Point where supply and demand are equal. |
| Elastic | A small change in price causes a significant change in demand. |
| Supply | Amount of products that entrepreneurs are willing to make. |
| Standard of Living | How much poverty a person lives with. |
| Producer Price Index (PPI) | measures the average change in selling prices received by domestic producers of goods and services over time. |
| Gross National Product (GNP) | How many goods are produced in a fiscal year. |
| Productivity | state or quality of producing something. |
| Socialism | the government provides basic services like utilities, banking, and health care, other businesses are owned privately |
| Communism | centrally planned government which dictates which goods and services are produced, how they are produced, and who will receive them |
| Mixed Economy | When Gov. has some control over what is produced in a market. |
| Market Economy | When Gov. has little to no control over what is supplied and bought in a market. |
| Time Utility | value to a consumer of having a good or a service available at a convenient time. |
| Possession Utility | additional consumer value created by transferring a product’s ownership. |
| Place Utility | value to a consumer of having a product available in a convenient location. |
| Market Economy | value to a consumer of having a good or a service available at a convenient time. |
| Time Utility | value to a consumer of having a good or a service available at a convenient time. |
| Place Utility | value to a consumer of having a product available in a convenient location. |
Created by:
willdouglas2
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