chapter 2key terms
Terms
undefined, object
copy deck
- recession
- a period in which demand begins to decrease,businesses lower production unemployment begins to rise and GDP growth slows for 2 or more quarters of the calendar year
- national debt
- total amount owed by federal govt
- inflation
- an increase in the general level of prices
- unemployment
- 1 economic statistic of concern
- bond
- represents debt for an organization
- price index
- a number tha comares prices in 1 year with some earlier base year
- prosperity
- a period in which most people who want to work are working, businesses produce goods and services in record numbers wages are good and the of GDP growth increases
- capial projects
- involve spending by businesses for items such as land,buildings equipment and new products
- personal income
- refers to salaries and wages as well as investment income and goverment payment to individuals
- depression
- a phase marked by a prolonged peiod of high unemployment,weak consumer sales, and business failures
- budget deficit
- govt may spend more than it takes
- retail sales
- the sales of durable and nondurable gods bought by consumers
- budget surplus
- the result
- stock
- repersents ownership in a corproration
- recovery
- the phase in which unemployment begin to decrease, demand for goods and services increases,and GDP begins to rise again
- gross domestic product
- the total dollar value of all final goods and services produced in a country during 1 year
- business cycle
- movement of the economy from 1 condition to another and back again
- GDP per capita
- out put per person,calculated by dividing GDP by the total population