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Biz - 2 - Econ Act

General Business - Chapter 2 - Economic Activity

What is the total dollar value of all final goods and services produced in a country during one year? GDP
What is GDP? Gross Domestic Product
What is the output per person? GDP Per Capita
What is the portion of people in the labor force who are not working? Unemployment Rate
What is the production output in relation to a unit of input, such as a worker? Productivity
What refers to salaries and wages as well as investment income and government payments to individuals? Personal Income
What is the sales of durable and nondurable goods brought by consumers? Retail Sales
What is the movement of the economy from one condition to another and back again? Business Cycle
What is a period in which most people who want to work are working, business produce goods and services in record numbers, wages are good, and the rate of GDP growth increases? Prosperity
What is a period in which demand begins to decrease, business lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calender year? Recession
What is a phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures? Depression
What is the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again? Recovery
What is an increase in the general level of prices? Inflation
What is a number that compares prices in one year with prices in some earlier base year? Price Index
What means a decrease in the general level of prices? Deflation
What is the rate banks make available to their best business customers, such as large corporations? Prime Rate
What is the rate financial institutions are charged to borrow funds from Federal Reserve banks? Discount Rate
What is the yield on short-term (13-weeks) U.S. government debt obligations? T-Bill Rate
What is the yield on long-term (20-year) U.S. government debt obligations? Treasury Bond Rate
What is the amount individuals pay to borrow for the purchase of a new home? Mortgage Rate
What is the cost of borrowing for large U.S. corporations? Corporate Bond Rate
What is the rate for time deposits at savings institution? Certificate of Deposit Rate
What refers to money spent by a business for an item that will be used over a long period? Capital Spending
What involves spending by business for items such as land, buildings, equipment, and new products? Capital Projects
What represents ownership in a corporation? Stock
What is stock ownership commonly called? Equity
What represents debt for an organization? Bond
Your a what if you purchase a corporate or government bond? Creditor
What is the result of a government which spends LESS tan it takes in? Budget Surplus
What is the result of a government which spends MORE than it takes in? Budget Deficit
What is the total amount owed by the federal government? National Debt
Created by: Mrs. Waara (PHS)