Interwar Period Test Economic Vocabulary
Terms in this set (34)
A refusal to have economic dealings with a person, a business, an organization, or a country.
A pattern of increases and decreases in economic activity.
An economic system in which there is private ownership of natural resources and capital goods.
An economic system based on one-party rule, government ownership of the means of production and decision making by centralized authorities.
Consumer Price Index (CPI)
A measure of the change in cost of the goods and services most commonly bought by consumers.
A company owned by stockholders who have ownership rights to the company's profits.
A situation in which a government spends more money than it receives in revenues.
A very severe and prolonged contraction (decrease) in economic activity.
A nation that has achieved industrialization, a market economy, widespread ownership of private property, and a relatively high standard of living.
All forms of buying and selling goods and services electronically.
A government ban on trade with another nation, sometimes backed by military force.
A nation that has lower levels of agricultural and industrial production, lower savings and investment, fewer resources, and lower per capita gross domestic product (GDP) than developed nations.
An economic system based on the private ownership of the means of production, free markets, and the right of individuals to make most economic decisions.
The process of rapid economic integration among countries. This integration involves the increased movement of goods, services, labor, capital, and technology throughout the world.
Gross Domestic Product (GDP)
The market value of all the goods and services produced in a nation within a specific time period, such as a quarter (three months) or a year.
A monetary system in which a country's basic unit of currency is valued at, and can be exchanged for, a fixed amount of gold.
A sustained rise in the average level of prices
The cost of borrowing money
The minimum amount of money that employers may legally pay their employees for a set period of time worked.
A situation in which only one seller controls the production, supply, or pricing of a product for which there are no close substitutes.
A corporation that operates in more than one country.
The money owed by a national government.
The lack of adequate income to maintain a minimum standard of living.
The relationship between the output of goods and services and the input of resources.
A period of declining economic activity.
An economic system in which the government owns most of the means of production and distribution.
Standard of living
The overall economic situation in which people live.
Stock Market or Stock Exchange
A place where stocks and bonds are bought and sold.
A work stoppage by employees to gain higher wages, better working conditions, or other benefits.
Supply and Demand
The forces that determine prices of goods and services in a market economy.
A fee charged for goods brought into a state or country from another state or country.
The practice of requiring persons, groups, or businesses to contribute funds to the government under which they live or do business.
The exchange of goods and services between countries.
The percentage of the labor force that is unemployed but actively looking for work.
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