Measuring Economic Activity
The total value of all goods and services produced in a country in one year.
What is Gross Domestic Product (GDP)?
The movement of the economy from one condition to another and back again.
What is the business cycle?
A number that compares prices in one year with prices in some earlier base year.
What is a price index (CPI)?
Another way to measure economic activity among countries with consideration to population.
What is GDP per capita?
An increase in the general level of prices.
What is inflation?
Represents ownership in a corporation.
What is a stock?
The portion of people in the labor force who are not working.
What is unemployment rate?
A phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again.
What is recovery?
Represents debt from an organization.
What is a bond?
The production output in relation to a unit of input, such a a worker.
What is productivity?
A period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slow for two or more quarters of the calendar year.
What is depression?
The total amount owed by the federal government.
What is national debt?
A good that is not included in measuring of GDP because it is used in the manufacturing step of the final good.
What is an intermediate good?
The amount individuals pay to borrow for the purchase of a new home.
What is mortgage rate?
Places where consumer incomes and buying power are increasing because of economic expansion.
What is an emerging market?