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Chapter 2 Vocabulary
2.01-2.03 vocab. POB
20
Business
10th Grade
09/15/2011

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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
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