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economic activity

QuestionAnswer
What is Gross domestic product or GDP? It is the total dollar value of all final goods and sercices produced in a country during one year.
What is GDP per capita? It is the output per person in a given year
What is Unemployment rate? It Is the porting of people in the labor force who are not working.
What is productivity? It is the production output in relation to a unit of input.
What is personal income? It is salaries and wages as well as investment income and government payments to individuals
What is retail sales? It is the sales of durable and nondurable goods bought by consumers.
What is prosperity? It is a period in which most people who want to work are working, business produce goods and services in record numbers, wages are good, and the rate of GDP growth increases
What is recession? It is a period in which demand begins to decrease, business lower production, umemployment begins to rise, and GDP growth slows for two or mor quarters
What is depression? It is a phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures.
What is recovery? It is the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again.
Created by: butch6244
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