Marketing Unit 2 - Economics

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24 Terms

1

scarcity

the economic principle that we have unlimited wants and needs but limited resources

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2

economy

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services

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3

free enterprise

freedom of general economic activity within a nation

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4

factors of production

the economic resources used to produce goods and services for consumption

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5

traditional economy

a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions

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6

mixed economy

an economy with characteristics of both a market and command economy

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7

market economy

an economy where prices are determined by competition with no government intervention

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8

command economy

an economy in which production, investment, prices, and incomes are determined by the government

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9

socialism

populist economic and political system based on collective, common, or public ownership of the means of production

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10

capitalism

an economic and political system in which a country's trade and industry are controlled by private owners for profit

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11

communism

an extreme political and economic ideology with no classes of people, means of production are owned communally, and private property is nonexistent

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12

supply

the quantity of a product that producers are willing and able to produce at a certain price

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13

demand

the quantity of a product that consumers are willing and able to buy at a certain price

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14

equilibrium

the point in which supply and demand are equal

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15

theory of supply and demand

the theory that prices are determined by the relationship between supply and demand

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16

GNP - gross national product

Income earned by residents from overseas investments, minus income earned by foreign residents.

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17

GDP - gross domestic product

The value of all the goods and services produced by a country in a year.

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18

PPI - producer price index

Measures the average change over time in selling prices received by domestic producers of goods and services

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19

CPI - consumer price index

A measure of the average change in prices of a “basket” of goods and services over time

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20

business cycle

the natural expansion and contraction of economic growth that happens in an economy over a period of time

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21

expansion

an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP.

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22

peak

the time in which a variety of economic indicators reach their highest level, followed by a significant decline in economic activity

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23

contraction

a period when economic output declines. During this phase, the economy is producing fewer goods and services than it did before.

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24

trough

the stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion

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