Economics & Marketing Vocabulary

4. describes the total amount of a specific good or service that is available to consumers.
6. a system where economic decisions are made based producers and consumer interactions
7. goods or services available to individuals and businesses used to produce valuable consumer products
9. systems characterized by social ownership and democratic control of the means of production
10. a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
12. study of individuals, households and firms' behavior in decision making and allocation of resources.
13. economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.
14. economic price for which a good or service is offered in the marketplace
15. rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling.
17. material that satisfies human wants and provides utility
18. measures the amount of real gross domestic product (GDP) produced by an hour of labor
19. branch of the economics field that studies how the economy behaves
20. measurement of "useful-ness" that a consumer obtains from any good

1. activity where an immaterial exchange of value occurs
2. a political and economic ideology based on communal ownership and the absence of class.
3. basic physical systems of a business or nation; transportation, communication, sewage, water and electric systems are all examples of infrastructure.
5. someone who creates and supplies goods or services.
8. an area of the production, distribution, or trade, and consumption of goods and services
11. a system where the government makes all economic and political decisions
12. a system in which both private an public sectors make economic decisions
16. represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.