 | Term | Definition |
| |
Gross demestic product (gdp) |
total dollar value of all final goods and services |
| |
GDP per capita |
output per person |
| |
unemploymnet rate |
portion of people in the force who are not working |
| |
productivity |
the product output in relation to a unit of input |
| |
personal income |
refer refers to salaries and wages as well as investment income and government payment to indeveduals |
| |
retail sales |
or the sales of durable and non durable goods bought by comsumers |
| |
business cycle |
the movment of the economy from one condition to another |
| |
properity |
the peak of the business cycle |
| |
recession |
lower part of the business cyc;e |
| |
depression |
phase of prolonged period of high unemployment, weak comsumers sales, and business failures |
| |
recovery |
phase in which the economy begins to fix itself |
| |
inflation |
increase in the general area of prices |
| |
price index |
is a number that compares prices in one year to the previous year |
| |
deflation |
decrease in general prices |
| |
capital project |
involve spending by business for items such as land, building equipment, etc. |
| |
stock |
represents owner ship in a business |
| |
bond |
represents debt in an organization |
| |
budget surplus |
government spends less then it takes in |
| |
budget deficit |
government spends more then it takes in |
| |
national debt |
total amount owned by the national government |
