Marketing essentials chapter 3

a period of economic slow down that lasts for 2 periods, or 6 months
Traditional economy
a system in which traditions dictate production and distribution rules
all things used in producing goods and services
business cycle
recurring changes in economic activity, including growth and reduction
organized way a nation provides for the needs and wants of it’s people
period of renewed economic growth following a recession or depression
command economy
a system in which the government makes production and distribution rules
market economy
a system in which groups and individuals make it’s economic rules
the physical development of a country, including it’s roads and utilities
Gross Domestic Product (GNP)
the output of goods and services produced by labor and property located within a nation
Gross national Product (GNP)
The total dollar values of goods and services produced by a nation
a period of rising prices
Consumer price index (CPI)
measurement of the change in price over a period of time of approximately 400 retail goods and services used by the average urban household
producer price index (PPI)
Measurement of wholesale price levels in the economy
A time when the economy is flourishing; also called prosperity
a period of prolonged recession
Factors of production
economic term for the four categories of resources: land, labor, capital and entrepreneurship
The process of starting and owning your own buisness
the difference between what consumers what and need and what the available resources are