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12 Cards in this Set
- Front
- Back
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Gross Domestic Product |
The total value of the good and services produced in a country in a given year. |
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Standard of Living |
Is the level of material Comfort as measured by the goods and services that are available. |
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Inflation |
A general I crease in the price goods and services. |
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Deflation |
A general decrease in the price of good and services. |
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Budget Deflict |
When the government spends more on programs that it collects in taxes. |
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National Debt |
The total amount of money a government owe. |
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Budget Surplus |
When a governments revenue exceeds it's expenditures during a one period year. |
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Business Cycle |
The rise and fall of economic activity overtime. |
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Prosperity |
Is a peak of economic acitivity. |
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Recession |
Economic activity slows down. |
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Depression |
A deep recession that affects the entire economy and lasts for several years. |
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Recovery |
A rise in business activity after a recession or depression. |
