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Chapter 2

Vocabulary

TermDefinition
Gross Domestic Product GDP the total dollar value of all final goods and services produced in a country during one year
GDP per capita another way to to measure economic growth. Output per person
Unemployment Rate the portion of people in the labor force who are not working
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 movement of the economy from one condition to another and back again
Prosperity a period in which most people who want to work are working
Recession a period in which 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 a phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures
Recovery phase in which unemployment begins to decrease, demands for goods and services increases, and GDP begins to rise again
Inflation an increase in the general level of prices
Price Index a number that compares prices in one year with prices in some earlier base year
Deflation a decrease in the general level of prices
Capital Projects involve spending by businesses for items such as land, buildings, equipment, and new products
Stock represents ownership in a corporation
Equity stock ownership
Bond represents the debt for an organization
Creditor if you purchase a corporate government bond
Budget Surplus when a government may spend less than it takes
Budget Deficit when a government may spend more than it takes
National Debt the total amount owed by the federal government
Capital Spending refers to money spent by business for an item that will be used over a long period
Productivity the production output in relation to a unit of input, such as a worker
Created by: Jordan.Ray0411
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