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Related Flashcards
Related Topics
Cards In This Set
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Gross Domestic Product
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GDP
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GDP
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The total dollar value of all final goods and
services produced in a country during one
year
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GDP per capita
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Output per person (calculated by dividing GDP by the total population)
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Unemployment rate
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The portion of people in the labor force who are not working, but willing to work and unable to find a job
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Productivity
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The production output in relation to a unit of input, such as a worker
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Personal income
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Refers to salaries and wages as well as investment income and government payments to individuals
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Retail sales
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The sales of durable and nondurable goods bought by consumers
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Business cycle
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Movement of the economy fro one condition to another and back again
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Prosperity
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A period in which most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of GDP growth increases
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Recession
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A period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year
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Depression
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A phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures
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Recovery
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The phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again
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Inflation
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An increase in the general level of prices
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Price index
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A number that compares prices in one year with some earlier base year
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CPI
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Consumer price index (one of the most watched measuresof inflation)
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