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Vocabulary 1.02
PBF Vocabulary 1.01
| Question | Answer |
|---|---|
| Gross Domestic Product | the dollar amount of all final goods and services produced within a country's borders in a year. |
| GDP per capita | total value of goods and services produced in a year divided by the population |
| Productivity | (economics) the ratio of the quantity and quality of units produced to the labor per unit of time |
| Personal income | refers to salaries and wages as well as investment income and government payments to individuals |
| Retail sales | the sales of durable and nondurable goods bought by consumers |
| Capital projects | involve spending by businesses for items such as land, buildings, equipment, and new products |
| Stock | a certificate documenting the shareholder's ownership in the corporation |
| Bond | Loaned money to company or government entity |
| Business cycle | recurring fluctuations in economic activity consisting of recession and recovery and growth and decline |
| Prosperity | an economic state of growth with rising profits and full employment |
| Recession | the state of the economy declines |
| Depression | a long-term economic state characterized by unemployment and low prices and low levels of trade and investment |
| Recovery | the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again |
| Inflation | a general and progressive increase in prices |
| Deflation | a contraction of economic activity resulting in a decline of prices |
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