| A | B |
|---|
| Resource | All the things used in producing goods and services. |
| Factors of Production | Land, labor, capital, entrepreneurship. |
| Infrastructure | The physical development of a country. |
| Scarcity | The difference between needs and wants and available resources. |
| Market Economy | An economy where there is no government involvement in economic decisions. |
| Command Economy | A system in which the government controls the factors of production and makes all the decisions about their use. |
| Capitalism | An system characterized by private ownership of a business and marketplace competition. |
| Socialist | A political system with increased government involvement in people's lives and the economy. |
| Communism | Totalitarian control of government. |
| Privitization | The process of selling government-owned businesses to private individuals. |
| Productivity | Output per worker |
| Inflation | Rising prices |
| CPI | Consumer price index |
| Business Cycle | Recurring changes in the economy. |
| Prosperity | Expansion; when the economy is flourishing. |
| Recession | A period of economic slowdown. |
| Depression | A period of prolonged recession. |
| Recovery | An increase in the overall economic activity. |
| PPI | Producer Price Index |
| Gross Domestic Product | A measure of goods and services produced using labor and property located in a country. |
