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Terms

Economy Terms

QuestionAnswer
Economy Organized way a nation provides for the needs of it's people.
Resources All things used in producing goods
Factors of production Land, Labor, Capital, and Entrepreneurship
Infrastructure Physical development of a country
Entrepreneurship Skills of people willing to invest
Scarcity When resources become rare
Traditional economy Government involved
Market economy No government is involved in the process of business
Command economy Government makes all economy decisions
Productivity Output per worker
Gross Domestic Product Output of goods and services
Gross National Product Total dollar output of goods
Inflation More money makes it worthless
Consumer Price Index Measure of change in price
Producer Price Index Measures wholesale price levels in the economy
Business cycle Recurring changes in a economic activity
Expansion Time when economy is flourishing
Recession Period of economic slowdown
Depression "Prolonged" recession
Recovery Everything has a slow positive growth
Recovery Signifies a period of economic growth
Approach Come to
Invest To put energy and money into something
Method Way of doing something
Created by: 104621