Chapter 2 Flashcards
0
Q
GDP per capita
A
Calculated by dividing GDP by the total population
- and increase in GDP per capita means that an economy is growing
1
Q
GDP
A
Gross Domestic Product: consists of consumer spending, business spending, government spending, and the exports of a country less the imports into the country
2
Q
Prosperity
A
When most people who want to work are working, wages are good, GDP growth increases
3
Q
Recession
A
period in which demand begins to decrease, businesses lower production, unemployment begins to rise
4
Q
Depression
A
Prolonged period of high unemployment
5
Q
inflation
A
increase in general level of prices
6
Q
Deflation
A
Decrease in general level of prices
7
Q
Bond
A
represents debt for an organization
8
Q
stock
A
represents ownership in a corporation
