Economics Vocabulary

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Marketing Principles Flashcards on Economics Vocabulary, created by Shannon Anderson-Rush on 02/01/2021.
Shannon Anderson-Rush
Flashcards by Shannon Anderson-Rush, updated more than 1 year ago
Shannon Anderson-Rush
Created by Shannon Anderson-Rush over 3 years ago
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Question Answer
Economics Vocabulary Knowing about different economies and economic terms is an important aspect of marketing.
economy The organized way a nation provides for the needs and wants of a people
resources All the things used in producing goods and services; a source of aid or support that may be drawn upon when needed.
factors of production Resources that are comprised of land, labor, capital, and entrepreneurship.
infrastructure The physical development of a country, such as roads, ports, and utilities.
entrepreneurship The skills of people who are willing to invest their time and money to run a business; the process of starting and operating your own business.
scarcity The difference between wants and needs and available resources.
traditional economy An economic system in which habits, traditions, and rituals answer the basic questions of what, how, and for whom.
market economy An economic system in which there is no government involvement in economic decisions.
command economy A system in which a country’s government makes all economic decisions regarding what, how, and for whom.
productivity Output per worker hour that is measured over a defined time period.
gross domestic product The output of goods and services produced by labor and property located within a country.
gross national product The total dollar value of goods and services produced by a nation, including those produced abroad by U.S. companies.
inflation Rising prices.
consumer price index Measures 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 price levels in the economy.
business cycle Recurring changes in economic activity.
expansion A time when the economy is expanding.
recession A period of economic slowdown that lasts for at least six months.
depression A period of prolonged recession.
recovery The term that signifies a period of renewed economic growth following a recession or depression.
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