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Economics
Economics in Marketing
| Question | Answer |
|---|---|
| What is the economy? | It is the system of production and distribution and consumption. The overall measure of a currency system |
| What is the Free Market | It is any market in which trade is unregulated;an economic system free from government control |
| What is competition? | It's a rivalry among sellers to achieve goals. There are different kinds of competitions such as: monopolistic,oligopoly and perfect |
| What is profit? | It is the total revenues over cost. |
| What is Price competition ? | It is a rivalry among firms to attract customers based off of price |
| What is the Factors of Production? | It is Land,Labor,Capital and Entrepreneurship |
| What is Utility? | It is the usefulness received by the consumer. This is done from buying,owning and consuming a product |
| What is Place utility? | It is the increase of usefulness created by the market by making a product available at specific locations |
| What is Possession utility? | It is when the increased usefulness created by the market through customers making them allowed to own,use and consume a product |
| What is Time Utility? | It is the increased satisfaction created through the market products available at the time customers wants them/ |
| What is Market Economy? | It is the economic system that which decision concerning production and consumption are made by individuals |
| What is Mixed Economy? | It is a system in which both state and private sector direct the way goods and services are bought and sold |
| What is Communism? | It is a political philosophy or ideology advocating holding the production of resources collectively |
| What is Socialism? | It is any of the various economic and political philosophies that support social equality |
| What is Capitalism? | It is a socio economic system based on abstraction of rescources |
| What is Productivity? | It is a measure of the economic output per unit of input of some resource e.g; the economic output per hour of human labor |
| What is Gross Nation Product (GNP)? | It is the money value of a nation's entire output of final commodities and services in a given period |
| What is the Consumer Price Index? | It is a statistical measure maintained by the U.S government that shows the treads of price of good and services |
| What is Product Price Index? | It is a monthly price index of about 2,800 commodities by the US BLS |
| What is Inflation? | It is when there's a increases in price in a country that results in a decline in the purchasing power of consumers |
| What is Standard of Living? | It is the relative measure of the general well being of a person or group |
| What is Unemployment Rate? | It is the percent of total labor force without a job |
| What is supply? | It is the number of units of a product that will be put on the market over a period of time |
| What is demand? | It is the number of units if a product sold in a market overtime |
| What is elastic? | It is a situation in which a cut in price increase the quantity taken by the market |
| What is inelastic? | It is a situation in which a cut in price yield such a small increase in quantity taken by the market |
| What is equilibrium? | It is a situation in which the quantity and price offered by the seller is equal the quantity and price is taken by the buyer |
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