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Unit 3
| Term | Definition |
|---|---|
| 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 | - An economic system in which decisions concerning production and consumption are made by individuals and organizations without intervention by a central planning authority. |
| Mixed Economy | - a system in which both the state and private sector direct the way goods and services are bought and sold. market unregulated by the state. |
| 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, and 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 |
| 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 Domestic Product (GDP) | - An estimate of the total national output of goods and services produced in a single country in a given time period and valued at market price. |
| Gross National Product (GNP) | - The money value of a nation's entire output of final commodities and services in a given period. |
| Consumer Price Index (CPI) | - 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 (PPI) | - 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. |
| 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. |
| 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. |
| 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. |
| Equilibrium | - A situation in which the quantity and price offered by sellers equals the quantity and price taken by buyers. |
Created by:
Dyanse
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