Term
|
Definition
| Economic term for the four categories of resources: land,labor,capital, and enterpreneurship. |
|
|
Term
|
Definition
| The physical development of a country, includign its roads, ports, sanitation facilities, and utilites. |
|
|
Term
|
Definition
| The process of starting and opearating your own buissness. |
|
|
Term
|
Definition
| The diffrence between what consumers want and need and what the avaliable resources are. |
|
|
Term
|
Definition
| The answers to the basic economic questions of what, how, and for whom are based on tradition and rituals. |
|
|
Term
| Command Economy Productivity |
|
Definition
| An economic system in which the government decides what, when, and how much will be produced and distributed. |
|
|
Term
| Gross Domestic Product (GDP) |
|
Definition
| The output of goods and services produced by labor and property located within a nation. |
|
|
Term
| Gross National Product (GNP) |
|
Definition
| The total dollar values of goods and services produced by a nation. |
|
|
Term
|
Definition
| A period of rising prices. |
|
|
Term
| Consumer Price Index (CPI) |
|
Definition
| Measurment of the change in price over a period of time approximately 400 retail goods and services used by the average urban househould. |
|
|
Term
|
Definition
| Measurement of wholesale price levels in the economy. |
|
|
Term
|
Definition
| Recurring changes in economic activity, such as the expansion, and contraction of an economy. |
|
|
Term
|
Definition
| A time when the economy is flourshing; also called prosperity. |
|
|
Term
|
Definition
| A period of economic showdowns that lasts for two quarters, or six months. |
|
|
Term
|
Definition
| A period of prolonged recesion. |
|
|
