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economics n' market

QuestionAnswer
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