Quiz: Ch. 3-4 Mars Business
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15 terms
Terms | Definitions |
|---|---|
 Demand | The quantity of a product or service that consumers are willing and able to purchase |
| Productivity | The quantity of a good that an average worker produces in one hour |
| Standard of Living | A measure of how well people in a country live (the quality of goods that they have) |
| Supply | The quantity of a product or service that business are able to provide |
| Public Goods | Things that are needed and provided by a community and are equally accessible to everyone |
| GDP | The total value of all final goods produced in a country in one year |
| Base Year | The year chosen to compare an item, such as price, to the same item in another year |
| GDP per capita | GDP / Population |
| Prosperity | Phase in the business cycle where the employment rate is the highest |
| Recession | Phase in the business cycle where business lower production of goods and services |
| Depression | Phase in the business cycle where the most people are unemployed |
| Recovery | Phase in the business cycle where GDP starts to grow |
| Inflation | The increase in the general price level |
| GNP | Measures the output of a country's businesses and people, even those overseas |
| Business Cycle | The movement of the economy from one condition to another and back again |
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