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Chapter two-
| Question | Answer |
|---|---|
| What is Gross Domestic product, or GDP? | The total dollar value of all final goods and services produced in a country during one year. |
| What is the business cycle? | The movement of the economy from one condition to another and back again. |
| What are the four phases of the business cycle? | Prosperity, Recession, Depression, and Recovery. |
| Explain first three phases | Prosperity,the period in which most people are working,the demand for goods and services is high.Recession, the period in which demand begins to decrease unemployment begins and GDP growth slows. Depression,is the phase in which most unemployment occurs |
| What items would businesses buy during capital projects? | Land, Buildings, equipment, and new products. |
| Where does the money from capital projects come from? | Personal savings, stock investments, and bonds. |
| What is the stock market? | When people invest and become part of the corporation, they buy stock, which represents their ownership. When companies have higher earnings, more people will want to buy its stock. |
| What is the bond market? | Another type of investment, that consists of buying bonds, which represents the companies debt, making you a creditor lenting money to the organization and in return are paid with interest. |
| What is a budget surplus? | When the government spends less than it takes in. |
| What is a budget deficit? | When the government spends more than it takes in. |
| What is a national debt? | The total amount owed by the federal government. |
Created by:
stephhansen
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