1.02 Flashcards
1
Q
Methods of measuring economic activity
A
GDP, GDP Per Capita, Labor activities, Consumer spending, investment activities, Borrowing activities
2
Q
Workers who create products and services
A
Employment
3
Q
the production output in relation to a unit of input.
ex. 1 worker = 12 units per hour
A
Productivity
4
Q
the extra things bought with personal income
A
Retail Sales
5
Q
demand exceeds supply
A
Inflation
6
Q
compares prices in one year with some earlier base year
A
Consumer Price Index
7
Q
High rates of production growing number of employees
A
prosperity
8
Q
Less employees , Less production
A
Recession
9
Q
Unemployment rate is decreasing , demand for products and services is increasing
A
Recovery
10
Q
Employment and production are both very low
A
Depression
