ecomnomic Act. (J.D.)
Terms
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- national debt
- the total amount owed by the federal goverment
- GDP per capita
- output per person
- inflation
- is an increase in the general level of prices
- budget deficit
- the governebt mat spend more than it takes in
- prosperity
- is a period in which mist 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
- retail sales
- the sales of durable and non durable goods bought by consumers
- stock
- represents ownisership in a corporation
- depression
- a phase marked by a prolonged period of high nemployment, weak consumer sales, and business faliures
- recession
- is a period in which demand begins to decrease, businesses lower production, inemployment begins to rise, and GDP growth slows for two or more quaters of the calender year
- bond
- represents debt for an organization
- recovery
- is the phase in which unemloyment begins to decrease
- capital projects
- involve spending by businessess for items such as land, building, equipment, and new products
- productivity
- the production output in realtion to a unit of input, such as a worker
- price index
- a number that compare prices in one year with some earlier base year
- business cycle
- movement of the econmy from one condition to another and back again
- budget surplus
- goverment may ireduce taxes ir increase spending on various programs
- deflation
- means a decrease in the gerernal level of prices
- unemployment rate
- the portion of people in the labor force who are not working
- gross domestic product
- the total dollar value of all final goods and services produced in a country during one year
- personal income
- refers to salaries and wags as well as investment income and goverment payments to individuals