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Definition
| An organized way a nation provides for the needs and wants of its people. |
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| All the things used in producing goods and services. |
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| Four categories: Land, Labor, Capital, and Entrepreneurship. Tangible resources include land and capital. Intangible resources include labor and entrepreneurship. |
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| Physical development of a country. Roads, ports, sanitation facilities, utilities and telecommunications. |
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| Skills of the people who are willing to invest their time and money to run a business. They are the employers of a population. |
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| Tradition and rituals usually answer the basics how, what, and for whom. Assigned through tradition rather by choice. |
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Definition
| No government involvement in economic decisions. Individuals and companies own the means of production and businesses compete for consumers. |
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Definition
| A system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed. |
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| Output per worker hour that is measured over a defined period of time, such as wekk, month, or year. |
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| Gross Domestic Product (GOP) |
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Definition
| The output of goods and services produced by labor and property located within the country. |
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| Gross National Product (GNP) |
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Definition
| Total dollar value of goods and services produced abroad by U.S. citizens and companies. |
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| Rising prices. A low inflation rate is good because it shows that an economy is stable. Double-digit inflation devastates an economy. |
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Term
| Consumer Price Index (CPI) |
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Definition
| Measures the change in price over a period of time of some 400 specific retail goods and services used by the average urban household. |
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| Producer Price Index (PPI) |
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Definition
| Wholesale price levels in the economy. |
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Definition
| An economy grows and at times it slows down. Expansion, recession, trough, and recovery. |
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| A time where an economy is flourishing, period of prosperity. |
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| A period in which the economy slows down and it lasts two quarters or six months. |
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| A period of prolonged recession. Impossible to find a job and many businesses are forced to shut down. |
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Definition
| A period of renewed economic growth following a recession or depression. |
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