Economic Activity
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| What does GDP stand for? | Gross Domestic product
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| What is GDP per capita? | It is an output per person measuring economic growth.
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| What is productivity? | The production output in relation to a unit of input, such as a worker.
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| 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.
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| What is recession? | It is a period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows.
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| What is depression? | It is a phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures.
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| 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.
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| What is inflation? | Increase in general level of prices.
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| What is a price index? | A number that compares prices in one year with some earlier base year.
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| What is deflation? | It means a decrease in the general level of prices.
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