Vocabulary words for Chapter 2
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| Gross Domestic Product | the total value of all final goods and services produced in a country during one year
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| GDP per capita | output per person
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| unemployment rate | the portion of people in the labor force who are not working
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| productivity | is the production output in relation to a unit of input
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| personal income | salaries and wages as well as investment income and government payments
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| retail sales | sales of durable and nondurable goods bought by consumers
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| business cycle | movement of the economy from one condition to another and back again
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| prosperity | a period when most people who want to work are working
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| 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
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| depression | a long period of high unemployment, weak consumer sales, and business failure.
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| recovery | the phase when unemployment begins to decrease, demand for goods and services increase and GDP begins to rise again
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| inflation | is an increase in the general level of prices
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| price index | a number that compares prices in one year with prices in some earlier basis year
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| deflation | a decrease in the general level of prices
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| capital projects | spending by businesses for items such as land, buildings equipment and new product development
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| stock | a representation of ownership in a corporation
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| bond | a certificate representing a promise to pay a definite amount of money at a stated interest rate
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| budget surplus | when the government spends less than it takes in
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| budget deficit | when the government spends more than it takes in
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| national debt | the total amount owed by the federal government
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Mrs. Ann Kidwell
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