Vocabulary 1.02 Word Scramble
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Question | Answer |
Gross Domestic Product | the dollar amount of all final goods and services produced within a country's borders in a year. |
GDP per capita | total value of goods and services produced in a year divided by the population |
Productivity | (economics) the ratio of the quantity and quality of units produced to the labor per unit of time |
Personal income | refers to salaries and wages as well as investment income and government payments to individuals |
Retail sales | the sales of durable and nondurable goods bought by consumers |
Capital projects | involve spending by businesses for items such as land, buildings, equipment, and new products |
Stock | a certificate documenting the shareholder's ownership in the corporation |
Bond | Loaned money to company or government entity |
Business cycle | recurring fluctuations in economic activity consisting of recession and recovery and growth and decline |
Prosperity | an economic state of growth with rising profits and full employment |
Recession | the state of the economy declines |
Depression | a long-term economic state characterized by unemployment and low prices and low levels of trade and investment |
Recovery | the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again |
Inflation | a general and progressive increase in prices |
Deflation | a contraction of economic activity resulting in a decline of prices |
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