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Chapter 2

TermDefinition
Gross Domestic Product The total dollar value of all final goods or services produced in a country in a year.
GDP per capita output per person
Unemployment rate Portion of people in the labor force who do not work.
Productivity Production output in relation to relation to a unit of input, such as workers.
Personal income Salaries and wages as well as investment income and government payments to individuals.
Retail sales sales of goods bought by consumers.
Business cycle Recurring ups and downs of GPD
Prosperity when most people who want to work are working.
Recession When demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year
Depression Prolonged period of high unemployment, weak consumer sales, and business failures.
Recovery When unemployment begins to decrease, demand for goods and services increase, and GDP begins to rise again.
Inflation A general increase of prices.
Price Index A number that compares prices in one year with prices in some earlier base year.
Deflation A general decrease of prices.
Capital Spending Money spent by a business for an item that will be used over a long period.
Capital Projects Spending by companies for items such as land, buildings, equipment, and new products.
Stock Represents ownership in a corporation.
Equity Stock ownership.
Bond Debt for an organization.
Creditor If you purchase corporate or government bond.
Budget Surplus when a government or business spends less than they make.
Budget Deficit when a government or business spends more than they make
National Debt The amount of money owed by the federal government.
Created by: cruz.umphrey0213
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