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12 Cards in this Set
- Front
- Back
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gross domestic product (GDP)
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one of the most important indicators of the status of an economy
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standard of living
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the level of material confort as measured by the goods and services that are available
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inflarion
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general increase in the price of goods and services
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deflation
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general decrease in the price of goods and services
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budget deficit
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when the government spends more on programs than it colects in taxes
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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 a government's revenue exceeds its ecpenditures 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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a peak of economic activity
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recession
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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 and lasts for several years
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recovery
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a rise in business activity after a recission or depression
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