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Chpt. 2

Measuring Economic Activity

QuestionAnswer
What is GDP? The total dollar value of all final goods and services produced in a country during one year.
What is GDP per capita? It's calculated by dividing GDP by the total population.
What is unemployment rate? The portion of people in the labor force who are not working.
What is Productivity? The production output in relation to a unit of input, such as a worker.
What is personal income? Refers to salaries and wages as well as investment income and government payments to individuals.
What are retail sales? The sales of duravle and nondurable goods bought by consumers.
What is the business cycle? The movement of the economy from one condition to another and back again.
What are the four phases of the business cycle? Prosperity, recession, depression, and recovery.
What is inflation? It's an increase in the general level of prices.
What is deflation? It's a decrease in the general level of prices.
Created by: main92
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