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What does GDP stand for?
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What does GDP per capita mean?
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Ch. 2 & 3 Business
Business in the Global Economy & Economic Acticity
| Question | Answer |
|---|---|
| What does GDP stand for? | Gross Domestic Product |
| What does GDP per capita mean? | per person |
| What is the unemployment rate? | the percent of the people over 16 who don't have a job (that want to work) |
| What is the most widely used measure to find out how an economy is performing? | GDP |
| What is the total value of all FINAL goods and services produced in a country during one year? | GDP |
| What are the components of GDP? | consumer spending, business spending, government spending, and exports minus imports |
| What is the equation for the GDP per capita? | GDP divided by population |
| If GDP per capita is increasing, the economy is _____? | growing |
| What does "paid under the table" mean? | Paid in cash; no taxes |
| GDP only applies to ______ final goods and services. | reported |
| What types of economic activities contribute to the economy? | labor activities and consumer spending |
| How can productivity be increased? | Through improvements in capital resources, worker training,m and management techniques |
| What are retail sales? | the sales of durable goods bought by consumers |
| What is the difference between a salary and a wage? | Wages are per hour, whereas salary is per year |
| What kind of a business cycle is our economy? | Recession/Recovery |
| What is recession? | a period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP slows |
| What is inflation? | inflation is an increase in the general level or prices that occurs when the demand for goods and services is greater than the supply. |
| What is a trade of deficit? | When the imports are greater than the exports |
| What is a surplus? | When the exports are greater than the imports |
| What is a quota? | A limit on the number of what is allowed to be imported or exported to protect and industry. |
| What is embargo? | When a government completely stops the export import of a product. |
| Why are free trade zones used? | to promote international business in a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing |
| What is a free trade agreement? | When member countries agree to remove duties and trade barriers on products |
| Common markets do what? | allow companies to to invest freely in each member's country |
| What does MNC stand for? | Multinational Companies |
| What do MNC do? | operate in multiple countries; make at least 1/4 of revenues outside of originating country |
| What are the benefits of MNC? | large amount of goods available; lower prices; more career opportunities |
| What are the negatives of MNC? | economic power of MNC can lead to corruption/unchecked political power |
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bomintbo
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