Tolby Keener
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Economy | The system of production and distribution and consumption. The overall
measure of a currency system.
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| 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,rathe than government
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| 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
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| Profit | The excess of total revenues over total costs in a given time period
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| Price Competition | The rivalry among firms seeking to attract customers on the
basis of price, rather than by the use of other marketing factors.
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| 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
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| Utility | - The usefulness received by consumers from buying, owning, or consuming
a product.
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| Place Utility | The increased usefulness created by marketing through making a
product available at the place consumers want.
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| 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
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| Time Utility | The increased satisfaction created by marketing through making
products available at the time consumers want them
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| Market Economy | An economic system in which
decisions concerning production and consumption are made by individuals
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| Mixed Economy | a system in which both the state and private sector direct the way
goods and services are bought and sold
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| Communism | - a political philosophy or ideology advocating holding the production
of resources collectively
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| 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.
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| 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
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| Productivity | - A measure of the economic output per unit of input of some
resource, e.g., the economic output per hour of human labor.
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| Gross Domestic Product (GDP) | (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.
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| Gross National Product (GNP) | The money value of a nation's entire output of
final commodities and services in a given period.
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| 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
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| 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.
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| Inflation | An economic condition characterized by a continuous upward movement
of the general price level.
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| Standard of Living | - relative measure of the general well being of a person or group
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| Unemployment Rate | the percent of the total labor force without a job
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| 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
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| 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.
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| Elastic | A situation in which a cut in price increases the quantity taken in the
market enough that total revenue is increased.
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| Inelastic | A situation in which a cut in price yields such a small increase in quantity
taken by the market that total revenue decreases.
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| Equilibrium | - A situation in which the quantity and price offered by sellers equals
the quantity and price taken by buyers.
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Created by:
Tolby Keener
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