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Economics Vocabulary

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.
Created by: kmata
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