Intro to Business Chapter 2

17 terms by tcski2014 

Create a new folder

Advertisement Upgrade to remove ads

Gross Domestic Product (GDP)

Total dollar value of goods and services produced in the country in one year

GDP per capita

output per person

Unemployment Rate

the portion of people who are not working

Productivity

number of items produced per worker

Personal Income

salaries, investment income, and government payments to people

Retail Sales

sale of durable and nondurable goods bought by consumers

Durable

long term goods

Nondurable

used up quickly

Business Cycle

the movement of the economy from good times, to bad times, and then back to good times again

Prosperity

when most people who want to work are working and businesses produce goods in large amounts

Recession

economy slows down

Ripple Effect

One type of business declines, which forces another type of business to do the same

Depression

long period of business failure

Recovery

a time of coming out of depression

Inflation

increase in the level of prices

Price Index

a number that compares prices in one year with prices in some earlier base year

Deflation

decrease in the level of prices usually happen during recessions or depressions

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set