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Intro to Business Chapter 2 Vocabulary

Gross Domestic Product
The total dollar value of all finals goods and services produced in a country during one year
GDP per Capita
Output per person- calculated by dividing GDP by the total population
Unemployment rate
The portion of people in the labor force who are not working
The production output in relation to a unit of input, such as a worker
Personal Income
Refers to salaries and wages as well as investment income and government payments to individuals
Retail Sales
The sales of durable and non durable goods bought by consumers
Business Cycle
The movement of the economy from one condition to another and back again
A period in which most people who want work are working
A period when businesses produce goods and services are produced in record numbers
A period when wages are good
A period when GDP growth increases
A period when demand begins to decrease
A period when businesses lower production
A period when unemployment begins to rise
A period when GDP slows for two or more quarters of the calender year
A period with prolonged period of high unemployment
A Period with weak consumer sales
A period with business failures
A phase when unemployment begins to decrease
A phase when demand for goods and services increases again
A phase when GDP begins to rise again
An increase in the general level of prices ( It takes more money to buy the same amount of goods)
Price Index
A number that compares prices in one year with some earlier base year
A decreases in the level of prices ( Prices are lower and people have less money to buy them)
Capital Project
Involves spending by businesses for items such as land, building, equipment and new products
Represents ownership in a corporation
Another name for stock
Represents debt for an organization
Budget Surplus
This occurs when a government spends less than in takes in
Budget Deficit
This occurs when a government spends more than it takes in
National debt
The total amount owed by the federal government

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