EPF Week 3

the total monetary or market value of all the finished goods and services produced within a country's borders

• Gross Domestic Product
• Gross National Product
• Consumer Price Index
• Purchasing Power Parity

rewards that influence the citizens' or consumers' behavior by delivering financial motivation

• Incentives

• Public recognition
• Social status
• Personal satisfaction

how money moves through an economy in a constant loop from producers to consumers and back again

• Bartering Model

• Taxation Model

• Circular Flow Model

• Importation Model

a market where a business can go and purchase resources to produce goods and services

• Resource Market
• Consumer Market
• Secondary Market
• Primary Market

finished goods and services are sold to consumers, and financial markets, where financial assets are traded

• Financial markets
• Product markets
• Consumer markets
• Trade markets

a curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture

• Elasticity Curve

• Supply and Demand Curve
• Cost Curve
• Production Possibility Frontier

factors that allow a company to produce goods or services better or more cheaply than its rivals

• Raw materials Advantage

• Competitive Advantage

• Strong brand recognition
• Employee Satisfaction Advantage

a graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period

• Supply Curve
• Demand Curve
• Price Elasticity
• Income Elasticity

a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time

• Price Elasticity

• Supply Curve
• Demand Curve

• Income Elasticity

a measure of a variable's sensitivity to a change in other variables

• Coefficient of Variation
• Standard Deviation
• Mean
• Elasticity