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MarketingVocats3.03
Question | Answer |
---|---|
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 |