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Objective 1.02
| Question | Answer |
|---|---|
| Gross domestic product (GDP) | The total value of all final goods and services produced in a country during one year. |
| GDP per capita | Output per person found by dividing GDP by total population. |
| Unemployment rate | The portion of people in the labor force who are not working. Includes people looking for work and willing to work but unable to find a job. |
| Productivity | The production output in relation to a unit of input. |
| Personal income | Salaries and wages as well as investment income and govt. payments to individuals. |
| Retail sales | The sales of durable and non-durable goods bought by consumers. |
| Capital projects | Involves spending by businesses for land, buildings, equipment, and new products. |
| Business cycle | The movement of the economy from one condition to another and back again. |
| Prosperity | Period in which most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of GDP growth increases. |
| Recession | Period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year. |
| Depression | A phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures. |
| Recovery | The phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again. |
| Inflation | An increase in the general level of prices. In inflation, the buying power of the dollar decreases. |
| Deflation | A decrease in the general level of prices. |
| Price Index | A # that compares prices in one year with some earlier base year. |
| Stock | Represent ownership in a corporation, commonly called equity. |
| Bond | Represents debt for an organization. |
| Prime rate | The rate banks make available to their best business customers. |
| Discount rate | The rate financial institutions are charged to burrow funds from federal reserve banks. |
| T-bill rate | The yield on short-term US govt. debt obligations. |
| Treasury bond rate | The yield on long term US govt. debt obligations. |
| Mortgage rate | The amount individuals pay to borrow for the purchase of a new home. |
| Corporate bond rate | The cost of borrowing for large US corps. |
| Certificate of deposit rate | The rate for six month time deposits at savings institutions. |
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