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Term

Gross Domestic Product
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GDP per capita
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Business E Chapter 2

Vocabulary words for Chapter 2

TermDefinition
Gross Domestic Product the total value of all final goods and services produced in a country during one year
GDP per capita output per person
unemployment rate the portion of people in the labor force who are not working
productivity is the production output in relation to a unit of input
personal income salaries and wages as well as investment income and government payments
retail sales sales of durable and nondurable goods bought by consumers
business cycle movement of the economy from one condition to another and back again
prosperity a period when most people who want to work are working
recession a period when demand begins to increase, businesses lower production , unemployment begins to rise and GDP growth slows for two or more quarters of the calendar year
depression a long period of high unemployment, weak consumer sales, and business failure.
recovery the phase when unemployment begins to decrease, demand for goods and services increase and GDP begins to rise again
inflation is an increase in the general level of prices
price index a number that compares prices in one year with prices in some earlier basis year
deflation a decrease in the general level of prices
capital projects spending by businesses for items such as land, buildings equipment and new product development
stock a representation of ownership in a corporation
bond a certificate representing a promise to pay a definite amount of money at a stated interest rate
budget surplus when the government spends less than it takes in
budget deficit when the government spends more than it takes in
national debt the total amount owed by the federal government
Created by: Mrs. Ann Kidwell
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