28118495
Description
Flashcards by Shannon Anderson-Rush, updated more than 1 year ago
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Created by Shannon Anderson-Rush
over 3 years ago
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| Question | Answer |
| Economics Vocabulary | Knowing about different economies and economic terms is an important aspect of marketing. |
| economy | The organized way a nation provides for the needs and wants of a people |
| resources | All the things used in producing goods and services; a source of aid or support that may be drawn upon when needed. |
| factors of production | Resources that are comprised of land, labor, capital, and entrepreneurship. |
| infrastructure | The physical development of a country, such as roads, ports, and utilities. |
| entrepreneurship | The skills of people who are willing to invest their time and money to run a business; the process of starting and operating your own business. |
| scarcity | The difference between wants and needs and available resources. |
| traditional economy | An economic system in which habits, traditions, and rituals answer the basic questions of what, how, and for whom. |
| market economy | An economic system in which there is no government involvement in economic decisions. |
| command economy | A system in which a country’s government makes all economic decisions regarding what, how, and for whom. |
| productivity | Output per worker hour that is measured over a defined time period. |
| gross domestic product | The output of goods and services produced by labor and property located within a country. |
| gross national product | The total dollar value of goods and services produced by a nation, including those produced abroad by U.S. companies. |
| inflation | Rising prices. |
| consumer price index | Measures the change in price over a period of time of 400 specific retail goods and services used by the average urban household. |
| producer price index | Measures wholesale price levels in the economy. |
| business cycle | Recurring changes in economic activity. |
| expansion | A time when the economy is expanding. |
| recession | A period of economic slowdown that lasts for at least six months. |
| depression | A period of prolonged recession. |
| recovery | The term that signifies a period of renewed economic growth following a recession or depression. |
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