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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


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


long term goods


used up quickly

Business Cycle

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


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


economy slows down

Ripple Effect

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


long period of business failure


a time of coming out of depression


increase in the level of prices

Price Index

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


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

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