1
Total value of all final goods and services produced in a country during one year
GDP
The percentage of people in the labor force who are not working but actively seeking work
unemployment rate
What do we call those things we have to have to live
Needs
An area where goods can be imported, stored, and used for manufacturing without paying duties
free trade zone
When the country buys a good from another country
Imports
A general increase in prices
Inflation
Up and down movement in economic activity over time
business cycle
This forces people to make choices
scarcity
A company that operates in multiple countries and adapts its products and strategies to fit each local market.
Multinational corporations
in this economy the government decides what, how, and for whom to produce?
Command economy
A general decrease in prices
deflation
The output of each worker per hour
productivity
You find this by dividing GDP by the population
GDP per capita
When goods leave the country and are sold to other countries
Exporting
A small village where people trade goods and services based on long-standing customs has a...
traditional economy
A period of declining economic activity lasting six months
Recession
The measure of consumer purchases at stores, used to indicate spending patterns
retail sales
A government limit on how much of a product can be imported or exported
a Quota
A complete ban on the export or import of a product
embargo
Any place where buyers and sellers interact to exchange goods or services
marketplace
A phase of the business cycle where the economy begins to improve after a decline
recovery
Money individuals earn from wages, investments, and government payments
personal income
Countries agree to remove duties and trade barriers on products traded among them
free trade agreement
Land, Human, Capital and Entrepreneurship
factors of production
The point where supply and demand are equal
market price