Economic Measurements
define productivity
How much work and time is put into something
What is expansion?
A time where the economy is thriving
What does SWOT stand for and why is it useful?
Strength, weakness, opportunity, and threats. It helps assess what you can do to improve and remove weaknesses.
What best defines gross domestic product (GDP)?
The output of goods and services produced by labor
What is depression in economic terms?
an extended amount of recession where it's impossible to find jobs and business is low
Why didn't FittyWear and Fit Land collaborate?
FittyWear was inclusive and fit Land was exclusive
What does inflation mean?
Higher prices
What do you call a time where economics slow down for at least two quarters?
Recession
What measures the wholesale price levels in the economy?
producer price index (PPI)
What is gross national product (GNP)?
The total dollar value of goods and services produced by a nation
What happens in recovery?
the economy grows and fixes from a low point
what is the mascot for the WNBA
Ellie the elephant
What measures the change in a price over a period of time?
Consumer price index (CPI)
What happens in a business cycle?
The repeated changes of the economy
Describe what trough is
Low point in the business cycle specifically in between recovery and recession.