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CH 2 Intro Biz JW

Vocabulary

QuestionAnswer
The total dollar value of all final goods and services produced in a country during one year. Gross Domestic Product (GDP)
Output per person. Calculated by dividing the GDP by the total population. GDP Per Capita
The portion of people in the labor force who are not working. Unemployment Rate
The production output in relation to a unit of input, such as a worker. Productivity
Salaries and wages as well as investment income and government payment to individuals. Personal Income
Sales of durable and nondurable goods bought by consumers. Retail Sales
The movement of the economy from one condition to another and back again. Its four cycles include: prosperity, recession, depression, and recovery. Business Cycle
Period in which most 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. Prosperity
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. Recession
Phase marked by prolonged period of high unemployment, weak consumer sales, and business failures. Depression
Phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again. Recovery
Increase in general level of prices. Inflation
Number that compares prices in one year with prices in some earlier base year. Price Index
A decrease in the general level of prices. Deflation
Involves spending by businesses for items such as land, buildings, equipment, and new products. Capital Projects
Representation of ownership in a company or corporation. Stock
Debt an organization owes. Bond
When a government spends less than it takes in. Budget Surplus
When a government spends more money than it takes in. Budget Deficit
The total amount owed by the federal government. National Debt
Created by: joannw15
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