Economic system
How does a economy work?
The Economy and Marketing
The business cycle
100
The organized way a nation provides for the needs and wants of its people .
What is an economy?
100
Traditions and rituals answer the basic questions of what, how, and for whom.
What is a traditional economy?
100
measures wholesale price levels in the economy
What is Producer Price Index
100
the low point in the business cycle, marking the transition from recession to recovery
What is a Trough
200
Resources are all things used in producing goods and services. Economists use the terms factors of production when they talk about resources. Factors of production comprise four categories.
What is land, labor, capital, and Entrepreneurship?
200
1. Which goods and serives should be produced? 2. How should the goods and servies be produced? 3. For whom should the goals and services be produced?
What is the three basic questions of the economic system?
200
measures the change in price oveer a period of time.
What is Consumer Price Index
200
a period of prolonged recession
What is a Depression
300
The physical development of a country.
What is Infrastructure?
300
There is no government involvement in economic decisions.
What is market economy?
300
Refers to rising prices.
What is Inflation
300
A time when the economy is flourishing, sometimes referred as a period of prosperity.
What is Expansion
400
The difference between wants and needs and available resources.
What is Scarity?
400
is a political and economic philosophy characterized by marktplace competition and private ownership of business.
What is capitalism?
400
Output per worker hour that is measured over a defined period of time, such as a week, month, or year.
What is productivty?
400
a period of economic slowdown that lasts for at least two quarters ,or six months, according to financial experts.
What is recession
500
Includes its roads, ports, sanitation facilties, and utilities, especially telecommunications.
What is Capital?
500
Socialists countries tend to have more social services to ensure a certain standard of living for everyone. Medical care is free or low cost, as is education. These countries have systems for pensins and elderly care. Business and individuals pay much higher taxes than those in capitalist countries, so all contribute to fitnancing government services.
What is Characteristics of socialist countries?
500
Three goals: increase productivity, decrease unemployment, and maintain stable prices.
What is a healthy economy?
500
what are the 4 phrases of the Business Cycle
What is Expansion,recession,trough,recovery
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