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17 terms

Intro to Business Chapter 2

STUDY
PLAY
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
Productivity
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
Durable
long term goods
Nondurable
used up quickly
Business Cycle
the movement of the economy from good times, to bad times, and then back to good times again
Prosperity
when most people who want to work are working and businesses produce goods in large amounts
Recession
economy slows down
Ripple Effect
One type of business declines, which forces another type of business to do the same
Depression
long period of business failure
Recovery
a time of coming out of depression
Inflation
increase in the level of prices
Price Index
a number that compares prices in one year with prices in some earlier base year
Deflation
decrease in the level of prices usually happen during recessions or depressions