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12 Cards in this Set
- Front
- Back
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gross domestis product
(GDP) |
A value measure of the flow of domestic goods and services produced by an economy over a period of time, such as a year
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standard of living
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is the level of material comfort as mesured by the goods and services that are available
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inflation
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is a general increase in the price of and services
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deflation
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the erosion of soil as a consequence of sand and dust and loose rocks being removed by the wind; "a constant deflation of the desert landscape"
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budget deficit
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an excess of expenditures over revenues
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national deficit
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Government debt (also known as public debt or national debt) is money (or credit) owed by any level of government; either central government, federal government, municipal government or local government. ...
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budget surplus
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A budget deficit occurs when an entity spends more money than it takes in. The opposite of a budget deficit is a budget surplus
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business cycle
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recurring fluctuations in economic activity consisting of recession and recovery and growth and decline
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prosperity
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an economic state of growth with rising profits and full employment
the condition of prospering; having good fortune |
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recession
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the state of the economy declines; a widespread decline in the GDP and employment and trade lasting from six months to a year
recess: a small concavity |
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depression
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mental state characterized by a pessimistic sense of inadequacy and a despondent lack of activity
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recovery
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return to an original state; "the recovery of the forest after the fire was surprisingly rapid"
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