Measuring Economic Activity
The total value of all final goods and services produced in a country during one year.
Gross Domestic Product (GDP)
The movement of an economy from one condition to another and back again is called?
Business Cycle
An increase in the general level of prices
Inflation
____________ Represents ownership in a company
What state produces the most Honey?
A. California
B. Oregon
C. North Dakota
D. Nebraska
North Dakota
The portion of people in the labor force who are not working, but are actively looking for work.
Unemployment Rate
A period in which most people who want to work are working, business produce goods and services in record numbers, wages are good, and the rate of GDP growth increases
Prosperity
A number that compares prices in one year with prices in some earlier base year
Price Index
Ownership is commonly referred to as ____________
Equity
Originally, Amazon only sold what kind of product?
Shoes
The production output in relation to a unit of input, such as a worker.
Productivity
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.
Recession
A decrease in the general level of prices
Deflation
Represents Debt for an Organization
Bond (US Government)
What year did Facebook Launch?
2004
The training of workers to do a specific task
Specialization
A long period of high unemployment, weak consumer sales, and business failures
Depression
What would be an example of Price Indexing for Cereal?
Cereal increasing by $.20-.40 a box per year.
A government spends LESS than it takes IN
Budget Surplus
What two teams were the closest outside looking-in teams for playoffs this year?
Seahawks 10-7
What is Economic Output Per Person?
GDP Per Capita
The phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again.
Recovery
Write the business cycle on the board.
Prosperity, Recession, Depression, Recovery
In emerging markets, consumer incomes and buying power are:
A. Decreasing
B. Fluctuating
C. Increasing
D. Stable
C. Increasing
What are three post brand cereals?
Answers will vary.