Business Management - Ch 3 Vocab part 2

Recurring changes in economic activity.

• Recession
• Depression
• Resources
• Business Cycle

Habits, traditions, and rituals answer the basic questions of what, how, and whom

• Economy
• Market Economy
• Traditional Economy
• Command Economy

No government involvement in economic decisions.

• Market Economy
• Recovery
• Command Economy
• Economy

Is a period of prolonged recession

• Recession
• Expansion
• Depression
• Inflation

Rising Prices

• Expansion
• Depression
• Inflation
• Recession

Total dollar value of goods and services produced by a nation, including goods and services produced abroad by U.S. citizens and companies.

• Factors of Production
• Gross National Product
• Gross domestic product
• traditional economy

Time when the economy is flourishing also referred to as period of prosperity.

• Recession
• Expansion
• Inflation
• Depression

The physical development of a country

• Resources
• Inflation
• Infrastructure
• Scarcity

The output of goods and services produced by labor and property located within a country.

• Recession
• Gross national Product
• Factors of production
• gross domestic product

Is a system in which a country's government makes all economic decisions regarding what, how, and for whom goods and services will be produced and distributed

• traditional economy
• economy
• command economy
• market economy