| A | B |
|---|
| GDP | Total value of all goods and services produced in a 1 year period. |
| Unemployment Rate | Measures the amount of people that can work, but choose not to. |
| Market Economy | Type of economy that works with Supply and Demand |
| Command Economy | Type of economy where the government has total control over what's being produced. |
| Moderate command | Also known as Socialism |
| Strong Command | Also known as Communism |
| Capital Resources | Resources such as money, buildings, and equipment. |
| Unlimited Resources | Natural resources that are reproduced. |
| Budget Surplus | When the government spends less than it brings in from taxes. |
| Taxes | Government's main source of income. |
| National Debt | The amount of money a country owes. |
| Inflation | A general increase in prices. |
| Hyperinflation | A rapid increase in prices. |
| Deflation | A decrease in prices. |
| Scarcity | A shortage of goods/resources. |
| Nonrenewable Resources | Resources that cannot be reproduced. |
| Budget Deficit | When the government spends more than what's being brought in from taxes. |
| FDA | A government agency that protects consumers from falsely advertised products. |
| EPA | A government agency that protects companies from polluting the air. |
| Conflict of Interest | Businesses put profits before social welfare. |
| Business Cycle | The highs and lows of the economy. |
| Prosperity | The peak of the business cycle. |
| Recession | When the economy starts declining. |
| Depression | The lowest point of the business cycle. |
| Recovery | When the economy starts to increase and become more productive. |
| Mixed Economy | When command and market economies work together. |
| Ethics | A set of moral principles by which people conduct themselves personally, professionally and socially. |
| Sweatshop | A factory that has unsafe working conditions and pay poorly. |
| OSHAA | This group enforces safety within the workplace. |
| Factors of Production | Another name for resources that are used in producing goods and services. |
