Marketing Unit 2 - Economics

studied byStudied by 202 people
4.0(1)
Get a hint
Hint

scarcity

1 / 23

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

24 Terms

1

scarcity

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

New cards
2

economy

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

New cards
3

free enterprise

freedom of general economic activity within a nation

New cards
4

factors of production

the economic resources used to produce goods and services for consumption

New cards
5

traditional economy

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

New cards
6

mixed economy

an economy with characteristics of both a market and command economy

New cards
7

market economy

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

New cards
8

command economy

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

New cards
9

socialism

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

New cards
10

capitalism

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

New cards
11

communism

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

New cards
12

supply

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

New cards
13

demand

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

New cards
14

equilibrium

the point in which supply and demand are equal

New cards
15

theory of supply and demand

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

New cards
16

GNP - gross national product

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

New cards
17

GDP - gross domestic product

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

New cards
18

PPI - producer price index

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

New cards
19

CPI - consumer price index

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

New cards
20

business cycle

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

New cards
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.

New cards
22

peak

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

New cards
23

contraction

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

New cards
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

New cards

Explore top notes

note Note
studied byStudied by 85 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 2 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 50 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 2 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 22 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 5 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 6 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 8 people
Updated ... ago
5.0 Stars(1)

Explore top flashcards

flashcards Flashcard36 terms
studied byStudied by 7 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard84 terms
studied byStudied by 11 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard105 terms
studied byStudied by 3 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard60 terms
studied byStudied by 27 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard85 terms
studied byStudied by 10 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard74 terms
studied byStudied by 24 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard40 terms
studied byStudied by 4 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard131 terms
studied byStudied by 3 people
Updated ... ago
5.0 Stars(3)