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BUS 110 Chapter 2 (Part 3)

privatization
process of converting government owned businesses to private ownership
gross domestic product
total value of all final goods/services produced within a nations physical boundaries over a given period of time
unemployment rate
the percentage of people in the labor force over age 16 who not have jobs and are actively seeking employment
business cycle
the periodic contraction and expansion that occur over time in virtually every economy – unpredictable
contraction
period of economic downturn, marked by rising unemployment and falling business production
recession
an economic downturn marked by a decrease in the GDP for two consecutive quarters
depression
deep and long lasing recession
recovery
period of rising economic growth and employment
expansion
period of robust economic growth and high employment
inflation
rising average prices across the economy
deflation
period of falling average prices across the economy
the two key phases of the business cycle
contraction and expansion
consumer price index
measure of inflation that evaluates the change in the weighted-average prices of goods and services that the average consumer buys each month
producer price index
measure of inflation that evaluates the change over time in the weighted average wholesale prices
productivity
the relationship between the production of goods and services and the resources needed to produce them (output/input)

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