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3.2_patel_econ

3.2

QuestionAnswer
productivity is output per worker hour that is measured over a defined period of time.
gross domestic product is the output of goods and services produced by labor and property located within a country.
gross national product is the total dollar value of goods and services produced by a nation including goods and services
inflation refers to rising prices. a low inflation rate is good because it shows that an economy is stable.
consumer price index measures the change in price over a period of time oof some 400 specific retail goods and services used by the average urban household
producer price index measures wholesale price levels in the economy. it is often a trendsetter, as a producer prices generally get passed along.
expansion economy is flourishing, sometimes referred to as a period of prosperity.
recession is a period of economic slowdown that lasts for at least two quarters, or six months.
depression period of prolonged recession. nearly impossible to find a job.
recovery renewed economic growth.
trough low point from recession to recovery.
Created by: vhaun on 2012-12-11



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