| A | B |
|---|
| economy | the organized way a nation provides for the needs and wants of its people. |
| resources | all the things used in producing goods and services |
| factors of production | economic term for the four categories of reasources : land, labor, capital, and entrepreneurship |
| insfrastructure | the physical developement of a country, including its roads, ports sanitation facilities and utilities |
| entepreneurship | the process of starting and operating your own business |
| scarcity | the diffrence between what customers want and need and what the available resources are |
| traditional economy | traditions and rituals that answer basic questions of what how and for whom |
| market economy | an economic system in which individuals and companies decide what will be produced when and how it will be distributed |
| command economy | an economic system in which the government decides what when and how much will be produced and distributed |
| productivity | the output per worker hour that is measured over a defined period of time, such as week month, or year |
| gross domestic product | the output of goods and services produced by labor and property located within a nation |
| gross national product | the total dollar value of goods and services produced by a nation |
| inflation | a period of rising prices |
| customer price index | measurement of the change in price over a period of time of approximately 400 retail goods and services used by the average urban household. |
| producer price index | measurement of wholesale price levels in economy |
| business cycle | recurring changes in economic activity such as the expansion and contraction of an economy |
| expansion | a time when the economy is flourishing also called prosperity |
| recession | a period of economic slowdown that lasts for two quarters or six months |
| depression | a period of prolonged recession |
| recovery | a period of renewed economic growth followed by a recession or depression |
