| A | B |
|---|
| Agricultural Communities | lightly populated areas where most people are employed in farming. |
| Command Economies | those in which the government makes the decisions about the use of economic resources and what goods to produce. |
| Competition | rivalry among businesses for the consumer’s dollar |
| Depression | period of low business activity, with high unemployment, a decrease in the GNP and a high rate of business failures. |
| Economic Resources (factors of production) | the three resources necessary for an economy to function. These include natural resources, human resources, and capital resources. |
| Gross National Product (GNP) | Total value of all goods and services produced in a country in one year. |
| Inflation | Sharp rise in prices accompanying an increase in the amount of money in circulation and a decrease in the purchasing power of money. |
| Mixed Economies | those that contain elements of both capitalism and socialism. |
| Profit | the excess of returns over expenditures |
| Profit Motive | entering into a business activity in order to make a profit. |
| Recession | an economic period that is characterized by unemployment, low consumer demand for goods and services and a decrease in the GNP |
| Residential Communities | those populated by the people who work in urban areas. |
| Resort Communities | vacation spots; communities where tourism is one of the major sources of income |
| Seasonal Employment | Jobs that are some way related to the weather, and only last for part of the year, such as harvesting crops, or working as a ski instructor. |
| Socialism | the doctrine that there should be public ownership and operation of the means of production and distribution. |
| Urban Communities | densely populated areas where a majority of businesses are located, and which also hold the residences of employees of those businesses. |
