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Economic Activities
Chapter 2 Vocabulary & Concepts
16
Business
11th Grade
09/06/2011

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Term

Gross Domestic Product

(GDP)

Definition
the total dollar value of all goods and services produced in a country during one year
Term

Components of GDP

(4)

Definition

1-Consumer spending

2-Business spending

3-Government spending

4-Exports less the imports into country

Term
What signals that the economy is growing and healthy?
Definition
the GDP increases from year to year
Term
GDP per capita
Definition
output per person; GDP per capita is calculated by dividing the GDP by the total population
Term
unemployment rate
Definition
the portion of people in the labor force that is not working
Term
productivity
Definition
production output in relation to a worker(unit of input); how much work the worker has/can do
Term
personal income
Definition
the salaries and wages as well as investment income and government payments to individuals
Term
retail sales
Definition
sales of durable and nondurable goods bought by consumers; indicator of general consumer spending patterns in the economy
Term
Labor Activities
Definition
creates the needed goods and services, the wages are spent to create demand for various products
Term
Unemployment Rate
Definition
people that are actively looking for a job but can't find one
Term
Labor Force
Definition

all people above 16 who are actively working or seeking work

(NOT INCLUDED ARE STUDENTS, PEOPLE THAT ARE RETIRED, PEOPLE THAT CAN'T WORK)

Term
Main Cause of Unemployment
Definition
reduced demand for goods/services provided by workers
Term
What increases productivity?
Definition
technology, culture of company, worker training, incentives, work environment
Term
Durable Goods
Definition

goods that will last longer; can be used more than once

 

Ex:cars, canned foods

Term
Nondurable Goods
Definition

goods that don't last very long; used up in one usage

 

Ex: gasoline, makeup, foods

Term
Retail Sales Increasing
Definition
usually means the economy is growing
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