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Marketing & Economy

Terms to know

TermDefinition
economy organized way a nation provides for the needs and wants of its people
resources all things used in producing goods and services
factors of production resources that are comprised of land, labor, capital , and entreprenuership
infrastructure the physical development of a country, such as roads, ports, and utilities
entreprenuership skills of people who are willing to invest their time and money to run a business; process of starting and operating your own business
scarcity difference between wants and needs and available resources
traditional economy economic system in which habits, traditions, and rituals answer the basic questions of what, how, and for whom
market economy an economicsystem in which there is no government involement in economic decisions
command economy a system in which a country's government makes all economic decisions regarding what, how, and for whom
gross domestic product (GDP) the output of goods and services produced by labor and property located within a country
gross national product (GNP) the total dollar value of goods and services produced by a nation, including goods and services produced abroad by US citizens and companies
inflation rising prices
consumer price index measured 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 prices levels in the economy
business cycle recurring changes in economic activity
expansion a time when the economy is growing
recession period of economic slow down that lasts for at least two quarters, or six months
depression a period of prolonged recession
recovery term that signifies a period of renewed economic growth following a recession or depression
Created by: CoachC
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