Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Economics In Market

TermDefinition
Communism Communism is a left-wing to far-left sociopolitical, philosophical, and economic ideology within the socialist movement, whose goal is the creation of a communist society, a socioeconomic order centered
Socialism Socialism is a political philosophy and movement encompassing a wide range of economic and social systems which are characterised by social ownership of the means of production, as opposed to private ownership.
Capitalism Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.
Productivity Productivity is the efficiency of production of goods or services expressed by some measure.
Gross National Product the total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments.
Consumer Price Index an index of the variation in prices paid by typical consumers for retail goods and other items.
Producer Price Index A producer price index is a price index that measures the average changes in prices received by domestic producers for their output.
Inflation In economics, inflation is a general increase of the prices of goods and services in an economy. This is usually measured using the consumer price index.
Standard of Living Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Unemployment Rate The unemployment rate represents the number of unemployed people as a percentage of the labor force.
Supply amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual.
Demand demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time.
Elastic if the quantity demand of the product changes more than proportionally when its price increases or decreases.
Inelastic to the static quantity of a good or service when its price changes
Equilibrium a state in a market-based economy in which economic forces – such as supply and demand – are balanced.
Economy The system of production and distribution and computers. The overall measure of a currency system
Free Market Any market in which trade is unregulated
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 mix: price, product, distribution, and promotion
Profit The excess of total revenues over total costs in a given time period
Price Competition The rivalry among firms seeking to attract customers on the basis price, rather than by the use of other marketing factors
Factors of Production The productive resources of an economy
Utillity The usefulness received by customers from buying, owning, or consuming a product
Place Utility The increased usefulness created by marketing through making a product available at the place consumers want
Possession Utility The increased usefulness created by marketing through making it possible for a consumer to own, use, and consume a product
Time Utility The increased satisfaction created by marketing through making products available at the time the customers want them
Market Economy An economic system in which decisions concerning production and consumption are made by individuals and organizations without intervention by a central planning authority
Mixed Economy A system in which both the state and private sector direct the way goods and services are bought and sold
Created by: user-1754155
Popular Marketing sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards