Havelka - Economic Activity - Set 2
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12 terms
Terms | Definitions |
|---|---|
 Budget Deficit | when the government spends more money than it collects in taxes |
| Budget Surplus | a situation in which the government takes in more than it spends |
| Business Cycle | fluctuations in economic activity, such as employment and production |
| Deflation | a decrease in the average price of all goods and services |
| Depression | a long-term economic state characterized by unemployment and low prices and low levels of trade and investment |
| GDP | Gross Domestic Product- the total market value of all final goods and services produced annually in an economy |
| Inflation | increased prices for goods and services combined with the reduced value of money |
| National Debt | the amount of money a national government owes to other governments or its people |
| Prosperity | an economic state of growth with rising profits and full employment |
| Recession | An economic slowdown of the economy which results in rising unemployment, increased business failures, declining economic growth and higher personal bankruptcies. |
| Recovery | the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again |
| Standard of Living | a measure of quality of life based on the amounts and kinds of goods and services a person can buy |
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