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Economics part 2

typing the words and definitions to them

TermDefinition
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 a private ownership of business and marketplace competition.
Communism Also called a command) a type of government that relies on collectivization of labor and good 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.
Economies in Transition (transitional Economy) an economic system in the process of shifting from central planning to competitive markets.
Gross Domestic Product (GDP) The final market value of the total output of all goods and services produced within a country's geographic boundaries during year's time; expresses the dollar value of what is produced, not the volume of production.
Gross National Product (GNP) is the total dollar value of all final goods and services produced for consumption in society during a particular time.
Consumer Price Index CIP; measure of the change in price over time of a specific group of goods and services used the average household.
Producer Price Index PPI; measure of the change in prices over time that United States producers charge for their goods and services. Measures wholesale price levels in the economy.
Productivity The amount of goods and services produced for every unit of resources used in their production.
Inflation A rapid rise in prices, usually occurring when demand exceeds supply.
Deflation Prolonged decline in the general price level of goods and services.
Monopoly A condition in which a market is controlled by one supplier with no substitute goods or services readily available.
Free Enterprise Economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism.
Oligopoly Industry dominated by a few suppliers who exercise some control over price.
Conglomerate Large corporation made up of smaller corporations dealing in unrelated businesses.
Created by: kiarahoskins
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