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objective 102

economic conditions

TermDefinition
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 bt dividing GDP by total population
productivity the production output in relation to a unit of input
personal income 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 land, buildings, equipment, and new products
business cycle the movement of the economy from one condition to another and back agin
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. usually occurs in periods of recession and depression. prices and lower, but people have less money to buy products
price index a number that compares prices in one year with some earlier base year
stock represents ownership in a cooperation, commonly called equity
bond represents debt for an organization. if you purchase a bond, you have lent money to the organization, in return, you are paid intrest
prime rate the rate banks make available to their best business customers
discount rate the rate financial institutions are charged to borrow fund from the federal reserve banks
t-bill rate the yield on short term (13 week) US government debt obligations
treasury bond rate the yield on short term (20 year) US government debt obligations
mortgage rate the amount individuals pay to borrow for the the purchase of a new home
corporate bond rate the cost of borrowing for large US corporations
certificate of deposit rate the rate for six month time deposits at savings in struction
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
Created by: 1614856
 

 



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