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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
Productivity
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
Prosperity
A period in which most people who want work are working
Prosperity
A period when businesses produce goods and services are produced in record numbers
Prosperity
A period when wages are good
Prosperity
A period when GDP growth increases
Recession
A period when demand begins to decrease
Recession
A period when businesses lower production
Recession
A period when unemployment begins to rise
Recession
A period when GDP slows for two or more quarters of the calender year
Depression
A period with prolonged period of high unemployment
Depression
A Period with weak consumer sales
Depression
A period with business failures
Recovery
A phase when unemployment begins to decrease
Recovery
A phase when demand for goods and services increases again
Recovery
A phase when GDP begins to rise again
Inflation
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
Deflation
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
Stock
Represents ownership in a corporation
Equity
Another name for stock
Bond
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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