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Marketing Essentials Graham
Chapter 3
20
Marketing
12th Grade
10/07/2013

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Term
Economy/Economic system
Definition
An organized way a nation provides for the needs and wants of its people.
Term
Resources
Definition
All the things used in producing goods and services.
Term
Factors of Production
Definition
Four categories: Land, Labor, Capital, and Entrepreneurship. Tangible resources include land and capital. Intangible resources include labor and entrepreneurship.
Term
Infrastructure
Definition
Physical development of a country. Roads, ports, sanitation facilities, utilities and telecommunications.
Term
Entrepreneurship
Definition
Skills of the people who are willing to invest their time and money to run a business. They are the employers of a population.
Term
Scarcity
Definition
Available resources.
Term
Traditional Economy
Definition
Tradition and rituals usually answer the basics how, what, and for whom. Assigned through tradition rather by choice.
Term
Market Economy
Definition
No government involvement in economic decisions. Individuals and companies own the means of production and businesses compete for consumers.
Term
Command Economy
Definition
A system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed.
Term
Productivity
Definition
Output per worker hour that is measured over a defined period of time, such as wekk, month, or year.
Term
Gross Domestic Product (GOP)
Definition
The output of goods and services produced by labor and property located within the country.
Term
Gross National Product (GNP)
Definition
Total dollar value of goods and services produced abroad by U.S. citizens and companies.
Term
Inflation
Definition
Rising prices. A low inflation rate is good because it shows that an economy is stable. Double-digit inflation devastates an economy.
Term
Consumer Price Index (CPI)
Definition
Measures the change in price over a period of time of some 400 specific retail goods and services used by the average urban household.
Term
Producer Price Index (PPI)
Definition
Wholesale price levels in the economy.
Term
Business Cycle
Definition
An economy grows and at times it slows down. Expansion, recession, trough, and recovery.
Term
Expansion
Definition
A time where an economy is flourishing, period of prosperity.
Term
Recession
Definition
A period in which the economy slows down and it lasts two quarters or six months.
Term
Depression
Definition
A period of prolonged recession. Impossible to find a job and many businesses are forced to shut down.
Term
Recovery
Definition
A period of renewed economic growth following a recession or depression.
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