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Economy Vocab
Economy terms
25
Marketing
11th Grade
09/09/2010

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Cards

Term
Factors of Production
Definition
land, labor, capital, and entrepreneurship
Term
Resources
Definition
things used in producing goods and services
Term
Traditional Economy
Definition
answer who, what, and how based on cultural ideas
Term
Market Economy
Definition
no government involvement in economic decisions
Term
Command Economy
Definition
governmant makes economic decisions
Term
Productivity
Definition
output of worker over a period of time
Term
Gross Domestic Product
Definition
output of goods and services in a country
Term
Gross National Product
Definition
total dollar value of goods and services produced by a nation
Term
Producer Price Index
Definition
measures wholesale price levels in the economy
Term
Free Enterprise System
Definition
not associated with the government
Term
Trademark
Definition
word, symbol, or anything that identifies that company that cannot be used by anyone else
Term
Non Price Competition
Definition
compete on factors not related to price
Term
Monopoly
Definition
exclusive control over a market
Term
Profit
Definition
money earned after conducting business after expenses
Term
Supply
Definition
amount of goods you are willing to sell
Term
Demand
Definition
consumers willingness to buy a product
Term
For Profit Business
Definition
wants to make money from business
Term
Non-For Profit
Definition
uses profits to fund themselves
Term
Publics Sector
Definition
government, armed forces, afencies like food and drug admin.
Term
Wholesalers
Definition
selling to other businesses
Term
Retailers
Definition
sells goods to the public
Term
Price Comp
Definition
focus on price for customers
Term
Competition
Definition
the struggle for customers
Term
Industry
Definition
business producing same goods and services
Term
Private Sector
Definition
freedom to own property , business, and ability to take risks for a profile
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