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economictermsconcept
economic terms
Question | Answer |
---|---|
prime rate | the interest rate that commercials banks charge their best customers |
business cycle | the recurring ups and downs of the GDP |
recession | a period of decline in the economy |
peak | point where GDP stops going up |
trough | point where GDP stops going down |
expansion | a period of recovery from a recession |
depression | (often called trough)period in the economy where there is high unempolment, shortages |
blue collar workers | industrial or factory workers |
white collar workers | clerical, business or preffessional workers who are generally salaried. |
tariff | a tax on imports |
quota | limiton the amount of goods that can be brought into a country. |