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