Goodie Goodie
the total value of all final goods and services produced in a country in a calendar year
What is GROSS DOMESTIC PRODUCT (GDP)
This is movement in an economy from one condition (gain) to another (loss) and back again (gain)
What is the BUSINESS CYCLE?
This is a term for the portion of people in the labor force who are not working.
What is UNEMPLOYMENT?
This refers to money spent by a business for an item that will be used over a long period
What is CAPITAL SPENDING?
This is the total amount of money owed by the federal government
What is the NATIONAL DEBT?
The sales of durable and nondurable goods bought by consumers
This is a long period of high unemployment, weak consumer sales, business failures, and no GDP growth
What is a DEPRESSION?
This is the production output in relation to a unit of input (such as a worker)
What is PRODUCTIVITY?
This item represents ownership in a corporation
What is a STOCK?
This occurs when a government spends less than it takes in with taxes
What is a BUDGET SURPLUS?
There are products that are only useable for a short period of time because they wear out (or become useless).
What are NONDURABLE GOODS?
This is a period in which most people who want to work are working, wages are good and the rate of GDP growth increases
What is PROSPERITY?
This is an increase in the general level of prices
What is INFLATION?
This involves spending by a businesses for items such as land, buildings, equipment, and new product development
What is a CAPITAL PROJECT?
This occurs when a government spends more money than it takes in with taxes
What is a BUDGET DEFICIT?
These are goods not for immediate consumption and that are able to be kept for a period of time.
What are DURABLE GOODS?
This is a period in which demand begins to decrease, unemployment begins to rise, and GDP growth slows for two quarters of the calendar year
What is a RECESSION?
This is a decrease in the general level of prices
What is DEFLATION?
This represents debt for an organization and is a certificate issued by a public company promising to repay borrowed money at a fixed rate of interest at a specified time.
What is a BOND?
This is the amount of money owed to financial institutions through credit cards, auto loans and home mortgages to finance purchases
What is CONSUMER DEBT?
This is a way of measuring economic growth, or output per person
What is GDP PER CAPITA?
This is the phase in which unemployment decreases, demand for goods and services increases, and GDP begins to rise again
What is a RECOVERY?
This is a number that compares prices in one year with prices in some earlier base year
What is the CONSUMER PRICE INDEX?
Another name for a person who buys a bond (has lent money to the organization and are paid interest for the use of their money)
What is a CREDITOR?
The initials I.O.U. stand for this
What is "I OWE YOU" (recognition of a debt to be paid back)