Details

Title: Chapter 2 Vocabulary

Description: 2.01-2.03 vocab. POB

Total Flash Cards: 20

Created: 09/15/2011 04:39:08

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Cards in this set:

Term
Gross Domestic Product or GPD
 Definition
is the total dollar value of all final goods and services produced in a country during one year
Term
GDP per Capita
 Definition
output per year person
Term
Unemployment Rate
 Definition
portion of people in the labor work force who are not working
Term
Productivity
 Definition
is the production output in relation to a unit, such as a worker
Term
Retail Sales
 Definition
the sales of durable ans nondurable goods brought by consumers
Term
Personal Income
 Definition
refers to salaries and wages as well as investmeants income and government payment to individuals
Term
Business Cycle
 Definition
movement of the economy from one condition to another and back again
Term
Prosperity
 Definition
is a period which most people who want to work is working
Term
Recession
 Definition
is a period in which demand begins to decrease; unemployment rate begin to increase
Term
Depression
 Definition
is a phase marked by prolonged period of high unemployment
Term
Recovery
 Definition
phase in which unemployment begins to decrease and demand for goods and services increase
Term
Inflamation
 Definition
increase in general level of prices
Term
Price index
 Definition
is number that compares prices in one year with earlier based years
Term
Deflation
 Definition
a decrease in the general level of prices
Term
Capital Projects
 Definition
involve dpending by businesses for iteams such as land, buildings, and equipment, and new production
Term
stock
 Definition
ownership in a coperation
Term
bond
 Definition
debt
Term
Budget Surplus
 Definition

spending less than it take in,  having more,

 
Term
Budget Decifict
 Definition
Spending more than what you are taking in
Term
National Debt
 Definition
Amount od money owed by the federal government