Economic Resources and Scarcity
All things used in producing goods and services.
What is a Resource?
This economic philosophy has the government control the factors of production.
What is a Communisim?
The output per worker hour that is measured over a defined period of time, such as a week, month, or year.
What is Productivity?
The recurring changes in the economic activity.
What is The Business Cycle?
Is a system in which a country's government makes all economic decisions.
What is a Command Economy?
The organized way a nation provides for the needs and wants of its people.
What is an Economy?
A classless society with increased government involvement and people's basic needs are met.
What is Socialism?
Is the output of goods and services produced by labor and property located within a country.
What is Gross Domestic Product (GDP)?
What is a period of prolonged recession.
What is depression?
The United States has this type of economy.
What is Mixed Economy?
It is the difference between wants and needs and available resources and forces nations to make economics choices.
What is Scarcity?
Is a political and economic philosophy characterized by marketplace competition and private ownership of businesses.
What is Capitalism?
Is the total dollar value of goods and services produce by a nation, including goods and services produced abroad by U.S. citizens and companies.
What is Gross National Product (GNP)?
Is a time when the economy is flourishing.
What is Expansion?
Economic system with NO government involvement.
What is Market Economy?
This factor of production includes money to start and operate a business, the goods and services in the production process, and the factories, office buildings, computers and tools.
What is Capital?
This economic philosophy is concerned about its people and cares for those who can't care for themselves.
What is Capitalism?
The measurement of the amount and quality of goods and services that a nation's people have.
What is standard of living?
Is a period of economic slowdown that lasts for at least 2 quarters of a year, or 6 months.
What is a Recession?
This economy is based on habits, traditions, and rituals.
What is Traditional Economy?
The physical development of a country including its roads, ports, sanitation facilities and utilities.
What is Infrastructure?
Cuba -China -North Korea -China -Vietnam -Laos have this type of economic philosophy
What is Communism?
When the Federal Reserve raises interest rates to discourage borrowing money the government is trying to control this.
What is Inflation?
This is a period of renewed economic growth following a recession or depression.
What is Recovery?
Is there a country that is purely a traditional, market, or command economy?
What is NO?