Marketing Economic Concepts II

Measure of the change in the prices of wholesale goods; used to measure inflation; formerly known as the wholesale price index

• Consumer Price Index (CPI)

• Gross Domestic Product (GDP)

• Gross National Product (GNP)

• Producer Price Index (PPI)

Measure of the number of people without jobs

• Possession Utility

• Consumer Price Index (CPI)

• Rate of Inflation

• Unemployment Rate

Degree to which a product or service is easy to purchase or pay for

• Time Utility

• Rate of Inflation

• Protective Tariff

• Possession Utility

Regulations to control the supply of money through inflation and deflation, as well as to ensure price stability

• Monetary Policy

• World Trade Organization (WTO)

• Fiscal Policy

• Free Enterprise System

Rule which states at some point adding more factors to a production process will not improve returns

• Fiscal Policy

• Free Enterprise System

• Management

• Law of Diminishing Returns

Goods and services sold to other countries

• Imports

• World Trade Organization (WTO)

• Exports

• Surplus

Profit made or lost from a specific good or service; can be a positive or negative return

• Return

• Surplus

• Imports

• Quota

Economic system which uses the capitalist approach of encouraging people to start and run businesses without government involvement

• Contraction

• Low of Diminishing Returns

• Free Enterprise System

• Peak

Economic problem of having unlimited human wants and necessities in a world of limited resources

• Place Utility

• Profit

• Scarcity

• Time utility

Trade alliance amount 28 European nations; encourages free trade among memebers and promotes work as a single market

• European Union (EU)

• Economic Utility

• World Trade Organization (WTO)

• Absolute Advantage