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Economics and Market
| Term | Definition |
|---|---|
| Economy | wealth and resources of a country or region, especially in terms of production and consumption of goods and services |
| Free market | economic system in which prices are determined by unrestricted competition between privately owned businesses |
| Competition | event or contest in which people compete, rival businesses |
| Profit | the money made off of something |
| Price Competition | one products and services can compete, two similar products with different prices |
| Factors of Production | Land, Labor, Capital, Entrepreneurship |
| Utility | satisfaction received after consuming a good or service |
| Place Utility | increasing the attractiveness of a product or service based on the physical location of the good/service |
| Possession Utility | letting the customer possess the product |
| Time Utility | the good/service is available when people need it |
| 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 | 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 | an 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 | the effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input |
| Gross Domestic Product (GDP) | broadest quantitative measure of a nation's total economic activity,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) | broad measure of a nation's total economic activity |
| Consumer Price Index (CPI) | A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care |
| Producer Price Index (PPI) | measures the average change in selling prices received by domestic producers of goods and services over time |
| Inflation | a 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 percentage of the total labor force that is unemployed but actively seeking employment and willing to work |
| Supply | a stock of a resource from which a person or place can be provided with the necessary amount of that resource |
| Demand | the quantity of a good or service that consumers and businesses are willing and able to buy at a given price in a given time period |
| Elastic | when the supply and demand of a product are affected by changing prices of a good or service |
| Inelastic | the situation in which the supply and demand for a good or service are unaffected when the price of that good or service changes |
| Equilibrium | state where the supply in the market is equal to the demand in the market |
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