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econ
the business cycle
| Term | Definition |
|---|---|
| economy | the organized way a nation provides for the needs and wants of its people |
| resources | all the things used in producing goods and services |
| factors of production | comprised of land, labor, capital, and entrepreneurship |
| infrastructure | physical development of a country |
| entreprenuership | the skills of people who are willing to invest their time and money to run a business |
| scarcity | the difference between wants and needs and available resources |
| traditional economy | habits, traditionals, and rituals answer the basic questions of what, how, for whom |
| market economy | there is no government involvement in economic decisions |
| command economy | a system in which a countrys government makes all economic decisions regarding what, how, and for whom goods and services will be produced and distributed |
| productivity | output per worker hour that is measured over a defined period of time, such as a week, month, or year |
| gross domestic product | output of goods and services produced by labor and property located within a country |
| gross national product | total dollar value of goods and services produced by a nation, including goods and services produced abroad by US citizens and companies. |
| inflation | refers to rising prices |
| consumer price index | measures the change in price over a period of time of 400 specific retail goods and services used by the average urban household |
| producer price index | measures wholesales price levels in the economy |
| business cycle | these recurring changes in economic activity |
| expansion | time when the economy is flourishing |
| recession | a period of economic slow down that lasts for at least two quarters of a year or six months |
| depression | a period of prolonged recession |
| recovery | the term that signifies a period of renewed economic growth following a recession or depression |
| approaches | countries with different economic systems have different approaches when making choice |
| theory | behind these practices is that goods owned in common are available to a classes society on and as needed basis |
| invest | new equipment of facilities that allow their employees to work more efficiently |
| method | production is that the work can be completed faster and more efficiently when people speacialize in certain areas |
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chasidy3
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