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scarcity
the economic principle that we have unlimited wants and needs but limited resources
economy
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services
free enterprise
freedom of general economic activity within a nation
factors of production
the economic resources used to produce goods and services for consumption
traditional economy
a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions
mixed economy
an economy with characteristics of both a market and command economy
market economy
an economy where prices are determined by competition with no government intervention
command economy
an economy in which production, investment, prices, and incomes are determined by the government
socialism
populist economic and political system based on collective, common, or public ownership of the means of production
capitalism
an economic and political system in which a country's trade and industry are controlled by private owners for profit
communism
an extreme political and economic ideology with no classes of people, means of production are owned communally, and private property is nonexistent
supply
the quantity of a product that producers are willing and able to produce at a certain price
demand
the quantity of a product that consumers are willing and able to buy at a certain price
equilibrium
the point in which supply and demand are equal
theory of supply and demand
the theory that prices are determined by the relationship between supply and demand
GNP - gross national product
Income earned by residents from overseas investments, minus income earned by foreign residents.
GDP - gross domestic product
The value of all the goods and services produced by a country in a year.
PPI - producer price index
Measures the average change over time in selling prices received by domestic producers of goods and services
CPI - consumer price index
A measure of the average change in prices of a “basket” of goods and services over time
business cycle
the natural expansion and contraction of economic growth that happens in an economy over a period of time
expansion
an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP.
peak
the time in which a variety of economic indicators reach their highest level, followed by a significant decline in economic activity
contraction
a period when economic output declines. During this phase, the economy is producing fewer goods and services than it did before.
trough
the stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion