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Intro Bus Chapter 2
| Answer | Question |
|---|---|
| prosperity | A period in which most people who want to work have a job, wages are good, businesses are producing a record # of goods, & the rate of gross domestic product (GDP) growth increases |
| productivity | Can be increased by an improvement in management techniques |
| deflation | Decrease in prices, & people have less money to buy products |
| budget deficit | A situation where an organization spends more money than it takes in over a period of time |
| recession | A period in which unemployment begins to rise, demand begins to decrease, & business lower production |
| inflation | An increase in prices & a decrease in the buying power of the dollar |
| interest | Represents the cost of money |
| recovery | A phase represented by an increase in employment, demand for goods, and the GDP |
| business cycle | Movement of the economy from one condition to another |
| stock | Represents ownership in a corporation |
| consumer price index (CPI) | Compares the prices of a group of selected items each year to some earlier year |
| gross domestic product (GDP) | Total dollar value of all final goods & services produced each year in a country |
| retail sales | The sale of durable and nondurable goods bought by consumers |
| gross domestic product (GDP) | Most widely used measure of national output |
| unemployment rate | The percentage of people in the labor force who are willing to work, are looking for work but are unable to find work |
| personal income | Salaries & wages, investment income, and government payments to inviduals |
| depression | A period marked by a long period of high unemployment, weak consumer sales, and business failures |
| productivity | The production output in relation to a unit of input |
| bond | Represents debt for an organization |
| capital spending | Refers to money spent by a business for an item that will be used over a long period of time |
| reduced demand for goods and services workers are producing | Main cause of unemployment? |
| 1930s | When was the Great Depression? |
| Inflation, price goes up | What happens to the price of a good when demand is high & the supply is low? |
| high | Do people with poor credit pay high or low interest rates? |
| economy is growing | What does an increase in GDP per capita mean? |
| 4 | How many phases of the business cycle are there? |
| savings, stocks, & bonds | Where does the money for capital projects come from? |
| corporations | What type of business sells stocks? |
| national debt | The total amount owed by the federal government |
| economy is declining | What does a decrease in GDP per capita mean? |
| low | Is the US savings rate high or low? |
| 16 | How old must you be to be considered part of the labor force? |
| budget surplus | A situation when an organization spends less than it takes in. |
| buy now, pay later | Define borrowing. |
Created by:
smithcarla
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