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MarketingVocats3.03

QuestionAnswer
The amount produced per worker measured during a specific time period. Labor productivity
A measure of the goods and services produced IN a country Gross Domestic Product
The sum of the dollar value for products produced BY a country. Gross National Product
The amount of goods and services that a nation’s people have Standard of Living
The rate at which prices are rising Inflation
The number of people who are willing and able to work but cannot find a job Unemployment Rate
The movement of an economy through four recurring phases – expansion, recession, depression, and recovery (economic cycle) Business Cycle
Highest period of economic growth Expansion
Economic slowdown Recession
Prolonged recession Depression
Renewed economic growth Recovery
Created by: melinda.fornes
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