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Intro to Business > Chapter 2 test > Flashcards

Chapter 2 test Flashcards

1
Q

an increase in the general level of prices

A

inflation

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2
Q

spending by businsses for items such as land, buildings, equipment and new products

A

capital projects

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3
Q

a financial situation that occurs when a government spends less than it takes in

A

budget surplus

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4
Q

the production output in relation to a unit of input, such as a worker

A

productivity

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5
Q

the amount individuals pay to borrow for the purchase of a home

A

morgage rate

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6
Q

the phase of the business cycle in which demand begins to decrease, businesses lower production, unemployment begins to rise, and gross domestic product growth slows for two or more quarters of the calendar year

A

recession

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7
Q

the output per person, calculated by dividing gross domestic product (GDP) by the total production

A

GDP per capita

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8
Q

the peak of the business cycle, it is 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 gross domestic product growth increases

A

prosperity

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9
Q

the sales of durable and nondurable goods bought by consumers

A

retail sales

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10
Q

the cost of borrowing for large US corporations

A

corporate bond rate

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11
Q

ownership in a corporation

A

stock

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12
Q

the total value of all final goods and services produced in a country during one year

A

gross domestic product (GDP)

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13
Q

the movement of the economy from one condition to another and back again. it has four phases including prosperity, recession, depression and recovery

A

business cycle

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14
Q

salaries and wages as well as investment income and government payments to individuals

A

personal income

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15
Q

the total amount owed by the federal government

A

national debt

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16
Q

all people above age 16 who are actively workign or seeking work

A

labor force

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17
Q

the rate financial institutions are charged to borrow funds from the federal reserve banks

A

discount rate

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18
Q

salaries and wages as well as investment income and government payments to individuals

A

personal income

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19
Q

a number that compares prices in one year with prices in some earlier base year

A

price index / consumer price index

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20
Q

the yield on long term (20 year) US government debt obligations

A

treasury bond rate

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21
Q

the rate for six month time deposits at savings institutions

A

certificate of deposit rate

22
Q

represents debt for an organization

A

bond

23
Q

the total amount owed by the federal government

A

national debt

24
Q

the yield on short term (13 week) US government debt obligations

A

t-bill rate

25
Q

the portion of people in the labor force who are not working

A

unemployment rate

26
Q

a financial situation that occurs when a government spends more than it takes in

A

budget deficit

27
Q

an increase in the general price level

A

inflation

28
Q

the phase in the business cycle in which unemployment begins to decrease, demand for goods and services increases, and gross domestic product begins to rise again

A

recovery

29
Q

the phase of the business cycle that is marked by a prolonged period of high unemployment, weak consumer sals, and business failures

A

depression

30
Q

the movement of an economy from one condition to another and back again

A

business cycle

31
Q

a decrease in the general price level

A

deflation

32
Q

places where consumer incomes and buying power are increasing because of economic expansion

A

emerging markets

33
Q

a phase marked by a long period of high enemployment, weak consumer sales and business failures

A

depression

34
Q

production output in relation to a unit of input, such as a worker

A

productivity

35
Q

what are the 4 phases of a business cycle?

A
  • prosperity
  • recession
  • depression
  • recovery
36
Q

a period in which demand, production, and GDP growth decrease and unemployment begins to rise

A

recession

37
Q

spending by businesses for items such as land, buildings and equipment

A

capital project

38
Q

government spends less than it takes in

A

budget surplus

39
Q

the phase in which unemployment decreases, demand for goods and services increases, and GDP begins to rise

A

recovery

40
Q

the sales of durable and nondurable goods bought by consumers

A

retail sales

41
Q

the portion of people in the labor force who are not working

A

unemployment rate

42
Q

the rate banks make available to their best business customers, such as large corporations

A

prime rate

43
Q

government spends more than it takes in

A

budget deficit

44
Q

the total value of all final goods and services produced in a country in one year

A

GDP

45
Q

the GDP divided by the total population of a country

A

GDP per capita

46
Q

How do you calculate GDP per capita?

A

divide GDP by the population

47
Q

a certificate representing a promise to pay a definite amount of money at a stated interest rate on a specified due date

A

bond

48
Q

represents ownership in a corporation

A

stock

49
Q

a period in which unemployment is low, businesses produce many goods and services, and wages are good

A

prosperity

50
Q

a number that compares prices in one year with some earlier base year

A

price index

51
Q

a decrease in the general level of prices

A

deflation

Intro to Business (41 decks)

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