| A | B |
|---|
| Recovery | Period of economic growth following a recession or depression |
| Unemployment rate | Percentage of hte workforce that does not have jobs looking for work |
| Depression (trough) | Long period of very severe economic decline |
| Inflation rate | Percentage by which the average level of prices in an economy rises |
| Economic indicators | Important data used to measure economic activity and business cycles |
| Recession | Noticeable drop in the level of business activity |
| Inflation | Proonged rise in level of prices for goods and services |
| Peak (Prosperity) | Highest level of economic activity in a business cycle |
| GDP (GNP) | Total of all goods and services produced in a country in one year |
| Economic fluctuations | Repeated rise and fall of the business cycle |
| Standard of Living | Measure of how well the people in an economic system live |
| Traditional economic system | An economy in which people do things the way they have always been done |
| Command economy | Economies influenced by government or directives |
| Strong Command | Also known as communist |
| Moderate command | Government owns most, but opportunities for businesses |
| Market economy | An economy where businesses and consumers work together |
