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Unit 3 Economics
Vocab
| Term | Definition |
|---|---|
| Economy | The system of production and distribution and consumption. The overall |
| 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. It is the product of vying for customers by the |
| 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. The economic "laws of supply and demand" operate relatively unrestrained by g |
| 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 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. 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. A situation in which a given change in the price of an economic good is associated with a more than proportionate change in the quant |
| 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. |
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