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Chapter 2

Economic Activity

QuestionAnswer
Is the total value of all final goods and services produced in a country during one year. Gross Demestic Product (GDP)
Output per person GDP Per Capita
The portion of people in the labor forcee who are not working. Unemployment Rate
I the production output in relation to ta unit of input. Productivity
Salaries and wages as well as investment income and gov. payment to individuals. Personal Income
The sale of durable and nondurable goods bought by consumers Retail Sales
Are the recurring ups and downs of GDP. Business Cycle
Is a period in which most people who want to work or are working Prosperity
Is a period in which demand begins to decrease, business lower production Recession
Is a phase marked by a prolonged period of high unemployment, weak consumer sales, and business failure Depression
Created by: boken
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