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.chapter two.

Economic Activity

QuestionAnswer
What does GDP stand for? Gross Domestic product
What is GDP per capita? It is an output per person measuring economic growth.
What is productivity? The production output in relation to a unit of input, such as a worker.
What is prosperity? A period in which most people who want to work are working, businesses produces good and services in record numbers, wages are good, and the rate of GDP grwoth increases.
What is recession? It is a period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows.
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.
What is inflation? Increase in general level of prices.
What is a price index? A number that compares prices in one year with some earlier base year.
What is deflation? It means a decrease in the general level of prices.
Created by: schreiner
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