Ch. 3 Political and Economic Analysis

In a socialist country the government decides the type of schooling people will receive

______________ forces nations to make economic choices.

Expansion

Intangible economic resources include land and capital.

What is a command economy?

In this economy habits, traditions and rituals answer the basic economic questions.

What are factors of production?

A market economy is different than a command economy because

Capitalism is the same as free enterprise or private enterprise.

When inflation starts to go up many gov't raise interest rates to discourage borrowing money.

A system in which a country’s government makes all economic decisions.

Cuba is characterized as a communist country.

A social political & economic philosophy in which the gov't controls factors of production..

Recovery

In this type of economy there is no government involvement in economic decisions.

Entrepreneurship is a period of prolonged recession.

In this economy people produce what they need to survive.

What are the phases of the business cycle?

_______ refers to all the people who work.

The process of gov'ts selling gov't-owned businesses to private individuals businesses.

After recovery, ________________ begins again.