| Question |
Answer |
| What does GDP stand for? |
Gross Domestic product |
| What is GDP per capita? |
It is an output per person measuring economic growth. |
| What is productivity? |
The production output in relation to a unit of input, such as a worker. |
| What is prosperity? |
A period in which most people who want to work are working, businesses produces good and services in record numbers, wages are good, and the rate of GDP grwoth increases. |
| What is recession? |
It is a period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows. |
| What is depression? |
It is a phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures. |
| What is recovery? |
It is the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again. |
| What is inflation? |
Increase in general level of prices. |
| What is a price index? |
A number that compares prices in one year with some earlier base year. |
| What is deflation? |
It means a decrease in the general level of prices. |
BIOL3326 Forms
