The organized way a nation provides for the needs and wants of its people.
All the things used in producing goods, and services.
factors of production
Land, Labor, Capital, and Entrepreneurship.
The physical development of a country.
Refers to the skills of people are willing to invest their time, and money to run a business
The difference between needs & wants, and resources.
Economy based on cultural, religious practices, and ideas.
Example(s): Parts of Africa, Southern Mexico
Economy that has no government in economic decisions.
Example(s): United States, Canada, UK, Germany
Economy in which the government makes the economic decisions.
Example(s): PRC, USSR, PRNK, Iran, Cuba
Output per worker hour
GDP- Gross Domestic Product
Output of goods, and services produced by labor, and property located within a country
The ____ in the US is $15.68 trillion
GNP- Gross National Product
The total dollar value of goods, and services produced by a nation.
The ____ in the US is $14.265 trillion
Refers to rising prices
A low inflation rate is 1% to 5% a year.
CPI- Consumer Price Index
Measures the change in price over a period of time of some 400 specific retail goods, and services used by the average urban household.
The ____ in the US for the month of August 2013 was at 0.1%
PPI- Producer Price Index
Measures wholesale price levels in the economy.
The ____ in the US during 2011 was 0.005/100 for pears.
Recurring changes in economic activity. Which include: expansion, recession, trough, and recovery.
A time when the economy is awesomeness. With low unemployement, and high consumer spending.
Example years: 1991-2007
A period of economic slow down that lasts at least 2 quarters.
Example years: 2007-2009
Similar to a recession, but it is worse. It becomes nearly impossible to find a job, and many businesses are forced to shut down.
Example years: 1929-1933
A period of renewed economic growth.
A way of doing something.
A hypothesis that has been tested with a significant amount of data.
In economics, spending for the production and accumulation of capital and additions to inventories
A defined, repeatable approach to address a particular type of problem.