chapter 2 economic activity
Terms
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- GDA per capita
- is calculated by dividing GDP by the total population
- recovery
- is the phase in which umemployment begins to decrease
- business cycle
- business cycle are the recurring ups and downs of GDP
- productivity
- is the output in a relation to a unit of input, such as a worker
- retail sales
- sales durable and nondurable goods bought by consumers
- capital projects
- involve spending by businesses for items such as new products
- gross domestic product
- is the total is the total dollar value of all final goods and services in a country during in one country
- personal income
- refers to salaries and wages as well as investment income and goverment payment to individuals
- budget surplus
- goverment may reduce taxes or increase spending on various programs
- recession
- is a period in which demand begins to decrease
- deflation
- means decrease in the general level of prices
- price index
- is a number that compares prices in one year with some earlier base year
- inflation
- is an increase in the general level of prices
- bond
- represents debt for an organization
- national debt
- the total amount owed by the federal goverment
- depression
- is a phase marked by a prolonged period of high umemployment,weak consumer sales,and business failures
- prosperity
- is a period in which most people who wants to work are working
- unemployment rate
- is the proportion of people in the labor force who are not working
- stock
- represents ownership is commonly called equity
- budget deficit
- whena goverment spends more than it takes in