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Chapter 2
Question | Answer |
---|---|
What is GDP | Gross domestic product-total dollar value of all final goods and services produced in a country during one year |
what refers to salaries and wages as well as investment income and goverment payments to individuals | Personal income |
Unemployment rate | people in the labor force that are not working |
sales of durable and nondurable goods bought by consumers | retail sales |
what is price index | compares prices in one year with some earlier base year |
what is a bond | represents debt for an orginization |
what is the total amount owed by the federal goverment called | national debt |
what is a stock | represents ownership in a corporation |
what is the phase in which unemployment begins to decrease | recovery |
what is one thing that causes inflation | when the demand for goods and services is greater than the supply |