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economy
economy vocab
| Term | Definition |
|---|---|
| economy | oganized way a nation provides for the needs of their people |
| economic resources | all the things used in producing goods and services |
| Factors of Production | Land, Labor, capital, and entrepreneurship |
| infrastructure | the physical development of a country |
| entrepreneurship | skills of people willing to invest their time and money to run a business |
| scarcity | difference between wants and needs |
| traditional economy | habits, traditions and rituals answer the basic questions of what how and whome |
| market economy | no gov involvement in economic decisions |
| command economy | a sysytem in which a country or government makes all economic decisions |
| productivity | output per worker hour thats measured over a defined period of time week, month, or year. |
| GDP (Gross Domestic Product) | Output of goods/services produced by labor in a country |
| inflation | refers to rising prices |
| CPI (Consumer Price Index) | Measures change in price over a period of time and retail goods in a specific household |
| PPI (Producer Price Index) | meaures wholesale price levels in the economy |
| business cycle | reoccuring changes in economic activity |
| expansion | time when the economy is flourishing |
| recession | period of economic slowdown |
| depression | prolonged recession |
| recovery | signifies period of economic |
| approaches | ways to handle a situation |
| theory | a reason |
| invest | putting in time and money |
| method | way of doing something |
Created by:
JayshaM
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