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20 Cards in this Set
- Front
- Back
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Gross Domestic Product (GDP) |
Total dollar value of all final goods and services produced in a country during one year. |
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GDP Per Capita |
Output per person (Calculated by dividing GDP by total population) |
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Unemployment Rate |
Portion of people in the labor force who are not working |
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Productivity |
Production output in relation to a unit of input (such as a worker) |
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Personal Income |
Salaries and wages as well as investment income and government payments to individuals |
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Retail Sales |
Sales of durable and nondurable goods bought by consumers |
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Business cycle |
Movement of the economy from one condition to another and back again |
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Prosperity |
Period in which most people who want to work are working, producing in record numbers, wages are good, rate of GDP growth increases |
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Recession |
Period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters |
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Depression |
Phase marked by a prolonged period of unemployment, weak consumer sales, and business failures |
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Recovery |
Phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again |
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Inflation |
Increase in general level of prices |
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Price Index |
Number that compares prices in one year with prices in some earlier base year |
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Deflation |
Decrease in the general level of prices |
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Capital project |
Spending by businesses for items such as land, buildings, equipment, and new products |
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Stock |
Ownership in a corporation |
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Bond |
Debt for an organization |
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Budget surplus |
When government spends less than it takes in |
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Budget deficit |
When government spends more than it takes in |
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National debt |
Total amount owed by the federal government |
