Future of Life Economic Terms

Future of Life Economic Terms - into account by the...

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Future of Life Economic Terms Recession (page 24, paragraph 4): also see business cycles, phases; The phases of change an economy usually experiences from slump to recovery. The four typical phases used to describe economic activity in industrial nations are: depression, recovery, recession, and prosperity. Economic Growth (page 26, paragraph 2): An increase in the production capacity of the economy. Externalities (page 42, paragraph 2): An effect of a decision on a third party not taken
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Unformatted text preview: into account by the decision maker. Market Economy (page 42, paragraph 1): An economic system in which the basic question of what, how, and for whom to produce are resolved primarily by buyers and sellers interacting in markets. Gross National Product (page 106, paragraph 1): The sum of the values of all goods and services produced within the country during the year....
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