Gross Domestic Product (GDP)
Total dollar value of goods and services produced in the country in one year
GDP per capita
output per person
the portion of people who are not working
number of items produced per worker
salaries, investment income, and government payments to people
sale of durable and nondurable goods bought by consumers
used up quickly
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
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
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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