chapter 2
Terms
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- GDP per capita
- or output per person
- Bond
- represents debt for an organization
- Inflation
- is an invrease int he general level of prices
- Gross Domestic Product
- is the total dollar value of all final goods and services produced in a country during one year.
- Deflation
- means a decrease in the geneal level of prices
- Productivity
- is the production output in relation to a unit of input, such as a worker
- Prosperity
- is a period in which most people who want to work are working business produce goods and services in record numbers, wages are good
- Business cycle
- this economy from one condition to another
- Capital Projects
- invlolve spending by businesses for items such as land, buildings, equipment
- Recession
- is a period in which demand begins to decrease, businesses lower production, unemployment begins
- budget surplus
- is the result
- Depression
- is a phase marked by a prolonged period of high unemployment weak consumer sales
- Budget deficit
- a government can spend more than it takes in
- Stock
- represents ownership in a corporation
- Retail sales
- the sales of durable and nondurable goods bought by consumers
- Unemployment rate
- is a portion of people in labor force who are not working
- Price Index
- is anumber that compares prices in one year with some earlier base year
- Personal income
- refes to salaries and wages as well as investment income and government payments to individuals
- national debt
- total amount owned by the federal government
- Recovery
- is the phase in which unemployment begis to decrease