Global Economics Ch4

25 terms by fmandeville

Create a new folder

Advertisement Upgrade to remove ads

economy

the way a nation makes economic choices

resources

all things used in producing goods and services

factors of production

resources

land

everything on the earth that is in its natural state

labor

all the people who work in the economy

capital

money needed to start and operate a business

entrepreneurship

the skills of people who are willing to risk their time and money to run a business

infrastructure

the physical development of a country

scarcity

the difference between wants and needs and available resources

market economy

there is no government involvement in economic decisions

command economy

the government controls the factors of producton and makes all the decisions about their use

capitalism

an economic system characterized by private ownership of business

socialist

increased government involvement in people's lives and the economy

communist

the government runs everything, totalitarian

privatization

the process of selling government-owned businesses to private individuals

productivity

output per worker hour that is measured over a defined period of time, such as week, month, or year

Gross Domestic Product (GDP)

measure of the goods and services produced using labor and property located in this country

inflation

rising prices

Consumer Price Index (CPI)

measures the change in price over a time of some 400 specific retail goods and services used by the average urban household

Producer Price Index (PPI)

measures wholesale price levels in the economy

business cycle

recurring changes in the economy

prosperity

expansion, the time when the economy is flourishing

recession

period of economic slowdown that lasts for two quarters, or six months

depression

prolonged depression; it becomes nearly impossible to find a job and many business are forced to shut down

recovery

increase in the overall economic activity

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set