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economic terms

defining terms

TermDefinition
Unemployment rate the number of people without jobs who are looking for work divided by the number in the labor force.
business cycle recurring slowdown and growth of an economy.
expansion the phase of economic activity during which the economy's total output increases.(consumer spending picks up, industry begin to hire workers and increase production to meet demand.)
recession a decline in total production lasting at least two consecutive quarters, or at least six months.
depression major slowdown of economic activity.(millions out of work, business fail, and the economy operates at far below capacity)
recovery the increase in the overall economic activity
prosperity a successful, flourishing, or thriving condition, esp. in financial respects; good fortune.
laissez-faire economic system in which the government minimizes its interference with the economy.
capital goods previously manufactured goods (or human creations) used to make other goods and services.
capital money needed to start and operate a business.
capitalism an economic system characterized by private ownership of businesses and marketplace competition.
communism also called a command economy) a type of government that relies on collectivization of labor and good to equal out the classes.
socialism a system in which ownership of assets, and the control over the means of production, are taken from the people and given to the government.
economics in transition (transitional economy) an economic system in the process of shifting from central planning to competitive markets.
Created by: javionwalker13
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