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Economic Conditions
| Question | Answer |
|---|---|
| GDP | The total value of all final goods and services produced in a country during one year |
| GDP per captia | Output per person found by dividing GDP by total population |
| Unemployment rate | The portion of people in the labor force who are not working. Includes people looking for work and willing to work but unable to find a job. |
| Productivity | The production output in relation to a unit of input |
| Personal income | Salaries and wage as well as well as investment income and government payments to individuals |
| Retail sales | The sales of durable and nondurable goods bought by consumers |
| Capital projects | Involve spending by businesses for land, buildings, equipment and new products |
| Business cycle | The movement of the economy from one condition to another and back products |
| Prosperity | Period in which most people who want to work are working, businesses produce goods and service in record number, wages are good and the rate of GDP growth increases |
| Recession | Period in which demand begins to decrease, businesses lower production, unemployment begins to rise and GDP growth slows for two or more quarters of the calender year |
| Depression | A phase marked by prolonged period of high unemployment, weak consumer sales and business failures |
| Recovery | The phase in which unemployment begins to decrease demand for goods and services increases and GDP begins to rise again |
| Inflation | An increase in the general level of prices. |
| Deflation | A decrease in the general level of princes. Usually occurs in periods of recession and depression |
| Price Index | a number that compares prices in one year with some earlier base year |
| Stock | Represents ownership in a corporation |
| Bond | Represents debt for an organization |
| Prime rate | Their rate banks make available to their best business customers |
| Discount rate | The rate financial institutions are charged to borrow funds from Federal Reserve banks |
| T-bill rate | The yield on short-term (13 years) |
| Treasury bond rate | The yield on long-term (20 years) |
| Mortgage rate | The amount individuals pay to borrow |
| Corporate bond rate | The cost of borrowing |
| Certificate of Deposit rate | The rate for six-month time deposits |
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