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Chapter.2.
Economic Activity
| Question | Answer |
|---|---|
| What is GDP? | Gross domestic product is the total dollar value of all final goods and services produced in a country during one year. |
| What is GDP per capita? | Another way to measure economic growth is by GDP per capita or output per person. |
| What is productivity? | The production output in relation to a unit of input, such as a worker. |
| What is the business cycle? | The movement of the economy from one condtion to another and back again. |
| What is prosperity? | A period that 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. |
| What is recession? | Recession is a period of time in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP slows. |
| What is depression? | A phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures. |
| What is recovery? | A phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again. |
| What is stock? | Stock represents ownership in a corporation. Commonly called equity which means ownership. |
| What is a bond? | Represents debt for an ogranization. |
Created by:
morgie.marie
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