| A | B |
|---|
| Socialist | This economy pays very high taxes |
| Infrastructure | inclues roads, ports, sanitation facilities, and utilities |
| Labor | a factor of production that includes both skilled and unskilled workers. |
| Scarcity | limited resources forces nations to make economic choices |
| market | economy where individual consumers decide what items will best satisfy their wants and needs |
| traditional | purpose of the activities in this economy is JUST to provide food, shelter, and clothing |
| Communist command | in this economy the government decides how products are produced |
| U.S. | This country is best described as a mixed economy because it borrows a little from other economies |
| factors of production(resources) | land, labor, and capital and entrepreneurship refers to |
| economy | organized way in which a nation provides for the needs and wants of its people |
| privatization | A government can sell state-owned assets to private individuals |
| recession | period of economic slowdown that lasts at least two quarters or six months is what phase of the business cycle |
| labor | people who work in the public and private sectors is which resource |
| land | tree growing in a forest is which resource |
| recovery | period of renewed economic growth is what phase of the business cycle |
| capital | the factor of production that would include ovens, the flour and other food supplies, and money for a bakery |
| depression | consumer spending is very low, and unemployment is very high for a prolonged period of time is what phase of the business cycle |
| resources(factors of production) | all things used in producing goods and services |
| standard of living | measurement of the amount of goods and services people have |
| inflation | period when prices rise |
| command economy | the government makes anywhere from many to all economic decisions |
| GNP | includes goods and services produced abroad (in other countries) |
| capital | money to start and operate a business is this type of resource |
| specialization | each part of a finished product is completed by a person |
| expansion | period the economy is flourishing or at its peak is what phase of the business cycle |
| recession | reduced workforce and less money spent by consumers in this phase of the business cycle |
| communism | all people are assigned jobs according to skills in what type of economy |
| US and Japan | Two economies with a democratic form of government and a MARKET or CAPITALIST type of economy |
| government | this group decides the type of education in a communist command economy |
