Bu-GDP Flashcards
1
Q
Business cycle
A
Movement of the economy from one condition to another and back again
2
Q
Capitalism
A
The private ownership of resources by individuals rather than by the government
3
Q
Command economy
A
The resources are owned by the government
4
Q
Deflation
A
A decrease in the general level of prices
5
Q
Depression
A
A phase marked by a prolonged period of high unemployment weak consumer sales and business failures
6
Q
Economic decision making process
A
Choosing which wants a ping several options will be satisfied
7
Q
Economic resources
A
Which goods and services are produced
8
Q
GDP per capita
A
Output per person
9
Q
Business
A
Any commercial activity that seeks profit by providing goods and services to others in exchange for money
10
Q
Economic system
A
Nations plan for answering 3 economic questions
