Intro to Business Chapter 2 Vocabulary

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Business Cycle

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

Unemployment rate

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

Productivity

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

Retail Sales

The sales of durable and non durable goods bought by consumers

National debt

The total amount owed by the federal government

Gross Domestic Product

The total dollar value of all finals goods and services produced in a country during one year

Budget Surplus

This occurs when a government spends less than in takes in

Budget Deficit

This occurs when a government spends more than it takes in

Prosperity

A period when GDP growth increases

Recession

A period when GDP slows for two or more quarters of the calender year

Recession

A period when businesses lower production

Prosperity

A period when businesses produce goods and services are produced in record numbers

Recession

A period when demand begins to decrease

Recession

A period when unemployment begins to rise

Prosperity

A period when wages are good

Depression

A period with business failures

Depression

A period with prolonged period of high unemployment

Recovery

A phase when GDP begins to rise again

Recovery

A phase when demand for goods and services increases again

Recovery

A phase when unemployment begins to decrease

Inflation

An increase in the general level of prices ( It takes more money to buy the same amount of goods)

Equity

Another name for stock

Depression

A Period with weak consumer sales

Deflation

A decreases in the level of prices ( Prices are lower and people have less money to buy them)

Price Index

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

Prosperity

A period in which most people who want work are working

Capital Project

Involves spending by businesses for items such as land, building, equipment and new products

GDP per Capita

Output per person- calculated by dividing GDP by the total population

Personal Income

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

Bond

Represents debt for an organization

Stock

Represents ownership in a corporation


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