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Economics

Economics Notes

TermDefinition
Economy The system of production and distribution and consumption. The overall measure of a currency system
Free Market Any 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
Profit The excess of total revenues over total costs in a given time period.
Price Competition The rivalry among firms seeking to attract customers on the basis of price, rather than by the use of other marketing factors.
Factors of Production The productive resources of an economy, usually classified as land, labor, and capital. Entrepreneurship is frequently included as a fourth factor of production
Utility The usefulness received by consumers from buying, owning, or consuming a product.
Place Utility The increased usefulness created by marketing through making a product available at the place consumers want.
Possession Utility The 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 The increased satisfaction created by marketing through making products available at the time consumers want them
Market Economy (Environments definition) An economic system in which decisions concerning production and consumption are made by individuals and organizations without intervention by a central planning authority.
Market Economy (Economic definition) An economy in which decisions about what and how much to be produced and marketed are made by the collective action of competitors vying for consumer patronage
Mixed Economy a system in which both the state and private sector direct the way goods and services are bought and sold
Communism a political philosophy or ideology advocating holding the production of resources collectively
Socialism Any of various economic and political philosophies that support social equality, collective decision-making, distribution of income based on contribution and public ownership of productive capital and natural resources,as advocated by socialists
Capitalism a socio-economic system based on the abstraction of resources into the form of privately-owned money, wealth, and goods, with economic decisions made largely through the operation of a market unregulated by the state
Productivity A measure of the economic output per unit of input of some resource, e.g., the economic output per hour of human labor
Gross National Product The money value of a nation's entire output of final commodities and services in a given period.
Consumer Price Index A statistical measure maintained by the U.S. government that shows the trend of prices of goods and services (a market basket) purchased by consumers
Producer Price Index A monthly price index of about 2,800 commodities prepared by the U.S. Bureau of Labor Statistics, formerly known as the wholesale price index.
Inflation An economic condition characterized by a continuous upward movement of the general price level. An increase in prices in a country that results in a decline in the purchasing power of consumers
Standard of living relative measure of the general well being of a person or group
Unemployment rate the percent of the total labor force without a job
Supply A schedule of the amounts of a good that would be offered for sale at all possible prices at any one instance of time. The number of units of a product that will be put on the market over a period of time.
Demand - A schedule of the amounts that buyers would be willing to purchase at a corresponding schedule of prices, in a given market at a given time. The number of units of a product sold in a market over a period of time.
Elastic A situation in which a cut in price increases the quantity taken in the market enough that total revenue is increased
Inelastic A situation in which a cut in price yields such a small increase in quantity taken by the market that total revenue decreases. A situation in which the percentage of quantity taken in the market "stretches" less than the percentage drop in price
Equilibrium A situation in which the quantity and price offered by sellers equals the quantity and price taken by buyers
Created by: Justin Jackson