Gross Domestic Product (GDP)
The total dollar vaule of all final goods and services produced in a country during one year.
GDP Per Capita
Another way to measure economic growth.
The portion of people in the labor force who are not working.
The production output in relation to a unit of input, such as a worker.
Refers to salary and wages as well as investments income and government payments to individuals.
The sales of durable and nondurable goods bought by consumers.
Movment of one economy from one condition to another and back again.
A period of which most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of GDP growth increases.
Period in which demand begins to decrease, businesses lower prodution, unemployment begins to rise and GDP growth rate slows for two or more quarters of the calender year.
Phase marked by a prolonged period of high enemployment, weak consumer sales, and business failures.
The phase in which unemployment begins to decrease, demand for goods and services increase, and GDP begins to rise.
An increase in the general level of prices.
Number that compares prices in one year with prices in some earlier base years.
Decrease in the general level of prices
Spending by businesses for items such as land, buildings, equipment, and new products.
Represents ownership in a corporation.
Represents debt for an organization.
When a government spends less than they take in.
When a government spends more than they take in.
The total amount owed by the federal government.