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Objective 1.02

QuestionAnswer
Gross domestic product (GDP) The total value of all final goods and services produced in a country during one year.
GDP per capita Output per person found by dividing GDP by total population.
Unemployment rate The portion of people in the labor force who are not working. Includes people looking for work and willing to work but unable to find a job.
Productivity The production output in relation to a unit of input.
Personal income Salaries and wages as well as investment income and govt. payments to individuals.
Retail sales The sales of durable and non-durable goods bought by consumers.
Capital projects Involves spending by businesses for land, buildings, equipment, and new products.
Business cycle The movement of the economy from one condition to another and back again.
Prosperity Period in which most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of GDP growth increases.
Recession Period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year.
Depression A phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures.
Recovery The phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again.
Inflation An increase in the general level of prices. In inflation, the buying power of the dollar decreases.
Deflation A decrease in the general level of prices.
Price Index A # that compares prices in one year with some earlier base year.
Stock Represent ownership in a corporation, commonly called equity.
Bond Represents debt for an organization.
Prime rate The rate banks make available to their best business customers.
Discount rate The rate financial institutions are charged to burrow funds from federal reserve banks.
T-bill rate The yield on short-term US govt. debt obligations.
Treasury bond rate The yield on long term US govt. debt obligations.
Mortgage rate The amount individuals pay to borrow for the purchase of a new home.
Corporate bond rate The cost of borrowing for large US corps.
Certificate of deposit rate The rate for six month time deposits at savings institutions.
Created by: 1618569
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