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chapter 2 vocab

TermDefinition
Gross Domestic Product The total dollar value of all finals goods and services produced in a country during one year
GDP per Capita calculated by dividing GDP by the total population
Unemployment rate The portion of people in the labor force who are not working
Productivity The production output in relation to a unit of input, such as a worker
Personal Income Refers to salaries and wages as well as investment income and government payments to individuals
Retail Sales The sales of durable and non durable goods bought by consumers
Business Cycle The movement of the economy from one condition to another and back again
Prosperity A period in which most people who want work are working
Recession A period when demand begins to decrease
Depression A period with prolonged period of high unemployment
Recovery A phase when unemployment begins to decrease
Inflation An increase in the general level of prices
Price Index A number that compares prices in one year with some earlier base year
Deflation A decreases in the level of prices
Capital Project Involves spending by businesses for items such as land, building, equipment and new products
Stock represents ownership is commonly in a corporation
bond represents debt for an organization
Budget Surplus This occurs when a government spends less than in takes in
Budget Deficit This occurs when a government spends more than it takes in
National debt The total amount owed by the federal government
Capital spending is the money a company spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land.
equity the quality of being fair and impartial.
creditor a person or company to whom money is owed.
Created by: DanielRuthe
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