economics test Flashcards
0
Q
Define GDP per capita
A
average GDP over defined area
1
Q
Define GDP
A
gross domestic product
total cost of fished goods
2
Q
unemployment
A
the members of the labor force not employed or seeking employment
3
Q
inflation
A
increased cost of goods or services overtime
4
Q
what is a price index
A
measures the average change in price of a type of good overtime
5
Q
recession
A
economic decline negative growth lowering value over 6 mothers of the economy
