Term
| Gross Domestic Product (GDP) |
|
Definition
| The total value of all final goods and services produced in a country in one year. |
|
|
Term
|
Definition
| The year chosen to compare an item, such as price, to the same item in another year. |
|
|
Term
|
Definition
| The GDP divided by the total population of a country. |
|
|
Term
|
Definition
| The movement of an economy from one condition to another and back again. |
|
|
Term
|
Definition
| A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers. |
|
|
Term
|
Definition
| A period where demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise, and GDP growth slows for several quarters. |
|
|
Term
|
Definition
| A phase marked by high unemployment, weak sales of goods and services, and business failures. |
|
|
Term
|
Definition
| A phase of the business cycle in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again. |
|
|
Term
|
Definition
| An increase in the general price level. |
|
|
Term
|
Definition
| A decrease in the general price level. |
|
|
