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12 Cards in this Set
- Front
- Back
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Gross domestic product
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The total value of the goods and services produced in a country in a given year.
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Standard of living
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The level of material comfort as measured by the goods and services that are available.
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Inflation
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The general increase in the price of goods and services
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Deflation
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The general decrease in the price of goods and services
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Budget deficit
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The difference in amount between how much the government spends and collects.
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National Debt
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The total amount of money a government owes
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Budget surplus.
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When the goverenmetns revuenue exceeds its expenditures during a one year period.
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Business cycle.
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The rise and fall of economic activity over time.
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Prosperity
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The peak of economic activity.
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Reession
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Economic activity slows down.
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Depression
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a deep recession that affects the entire economy.
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Recovery
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a ruise in business activity after a recession or depression
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