Flashcards
Economics Vocabulary
Cards in this deck (21)
- 1Economics VocabularyKnowing about different economies and economic terms is an important aspect of marketing.
- 2economyThe organized way a nation provides for the needs and wants of a people
- 3resourcesAll the things used in producing goods and services; a source of aid or support that may be drawn upon when needed.
- 4factors of productionResources that are comprised of land, labor, capital, and entrepreneurship.
- 5infrastructureThe physical development of a country, such as roads, ports, and utilities.
- 6entrepreneurshipThe skills of people who are willing to invest their time and money to run a business; the process of starting and operating your own business.
- 7scarcityThe difference between wants and needs and available resources.
- 8traditional economyAn economic system in which habits, traditions, and rituals answer the basic questions of what, how, and for whom.
- 9market economyAn economic system in which there is no government involvement in economic decisions.
- 10command economyA system in which a country’s government makes all economic decisions regarding what, how, and for whom.
- 11productivityOutput per worker hour that is measured over a defined time period.
- 12gross domestic productThe output of goods and services produced by labor and property located within a country.
- 13gross national productThe total dollar value of goods and services produced by a nation, including those produced abroad by U.S. companies.
- 14inflationRising prices.
- 15consumer price indexMeasures the change in price over a period of time of 400 specific retail goods and services used by the average urban household.
- 16producer price indexMeasures wholesale price levels in the economy.
- 17business cycleRecurring changes in economic activity.
- 18expansionA time when the economy is expanding.
- 19recessionA period of economic slowdown that lasts for at least six months.
- 20depressionA period of prolonged recession.
- 21recoveryThe term that signifies a period of renewed economic growth following a recession or depression.
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- Marketing Principles Flashcards on Economics Vocabulary, created by Shannon Anderson-Rush on 02/01/2021.
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- Shannon Anderson-Rush
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