defining terms
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| Unemployment rate | the number of people without jobs who are looking for work divided by the number in the labor force.
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| business cycle | recurring slowdown and growth of an economy.
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| 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.)
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| recession | a decline in total production lasting at least two consecutive quarters, or at least six months.
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| depression | major slowdown of economic activity.(millions out of work, business fail, and the economy operates at far below capacity)
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| recovery | the increase in the overall economic activity
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| prosperity | a successful, flourishing, or thriving condition, esp. in financial respects; good fortune.
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| laissez-faire | economic system in which the government minimizes its interference with the economy.
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| capital goods | previously manufactured goods (or human creations) used to make other goods and services.
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| capital | money needed to start and operate a business.
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| capitalism | an economic system characterized by private ownership of businesses and marketplace competition.
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| communism | also called a command economy) a type of government that relies on collectivization of labor and good to equal out the classes.
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| 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.
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| economics in transition | (transitional economy) an economic system in the process of shifting from central planning to competitive markets.
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