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12 Cards in this Set
- Front
- Back
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gross domestic product (GDP)
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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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is the level of material comfort as measured 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 goods and services
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deflation
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is a general decrease in the price goods and services
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budget deficit
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when the government spends more on programs than it collects in taxes, the difference in the amount
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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 government's revenue 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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is a peak of economic activity
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recession
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economic activity slows down. Businesses produce less, so they need fewer workers
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depression
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is a deep recession that affects the entire economy and lasts for several years
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recovery
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is a rise in business activity after a recession or depression
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