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summerholland24

TermDefinition
economy the system of production and distribution and consumption. the overall measure of a currency system.
free market market in which trade is unregulated an economic system free from government intervention. allows supply and demand to regulate prices,wages,etc,rather than 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. It is the product of customers by the pursuit of
profit excess of total revenues over total costs in a given time period.
price competition rivalry among firms seeking to attract customers on the basis of price, rather than by the use of other marketing factors
factors of production productive resources of an economy, usually classified as land, labor, and capital. Entrepreneurship is frequently included as a fourth factor of production.
utility usefulness received by consumers from buying, owning, or consuming a product.
place utility increased usefulness created by marketing through making a product available at the place consumers want
possession utility increased usefulness created by marketing through making it possible for a consumer to own,use,and consume a product. it is also called ownership utility.
time utility increased satisfaction created by marketing through making products available at the time consumers want them
market economy
mixed economy
communism
socialism
capitalism
productivity
gdp
gnp
cpi
ppi
inflation
standard of living general well being of a person or group
unemployment rate percent of labor force with out jobs
supply
demand
elastic
inelastic
equilibrium situation in which the quantity and price offered by sellers equals the quantity and price taken by buyers.
Created by: summerholland24
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