Measurement
Consumer Spending
The Business Cycle
Economic Conditions Change
Other Measures of Business Activity
100
The total dollar value of all final goods and services produced in a country during one year is called
GDP
100

GDP measures a country’s economic output during __________

One year
100
A period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year is called:
Recession
100
The phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again is called:
Recovery
100
This represents ownership in a corporation
Stock
200
The portion of people in the labor force who are not working is called
unemployment rate
200
If the GDP increases from year to year, the economy is ________.
growing or increasing
200
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 GDP growth increases is called:
Prosperity
200
True or False Deflation results in lower buying power of money.
False - Deflation is the general decrease of prices.
200
This involves spending by business for items such as land, buildings, equipment, and new products is called:
Capital projects
300
The output per person is also called
GDP per capita
300
Retail sales include: (A) Taxes collected (B) Companies buying new equipment (C) Borrowing by business (D) School supplies bought by students
(D) School supplies bought by students
300
An increase in the general level of prices is called:
Inflation
300
A phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures is called:
Depression
300
This represents debt for an organization
Bond
400
The production output in relation to a unit of input, such as a worker is called
Productivity
400
Productivity would like increase as a result of: (A) higher taxes (B) expanded production technology (C) decreased training programs (D) lower government spending
(B) expanded production technology
400
A decrease in the general level of prices is called:
Deflation
400
A number that compares prices in one year with some earlier base year is called:
Price index
400
When the governments spends more than it takes in, this is called:
budget deficit
500
This refers to salaries and wages, as well as, investment income and government payments to individuals
Personal Income
500

General consumer spending patterns in the economy; The sales of durable and non-durable goods 

Retail Sales

500
What are the four phases of the Business Cycle?
Prosperity, Recession, Depression, and Recovery
500
The total amount owed by the federal government is called:
National debt
500

If you purchase a corporate or government bond, you are a(n)

Creditor

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