Term
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Definition
| represents debt for an organization |
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Term
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Definition
| when government spends more than it takes in |
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Term
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Definition
| when government spends less than it takes in |
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Term
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Definition
| the movement of an economy from one condition to another and back again |
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Term
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Definition
| spending by businesses for items such as land, buildings, and equipment |
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Term
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Definition
| a decrease in the general price level |
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Term
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Definition
| a phase marked by a long period of high unemployment, weak consumer sales, and business failures |
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Term
| GROSS DOMESTIC PRODUCT (GDP) |
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Definition
| the total value of all final goods and services produced in a country in one year |
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Term
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Definition
| the GDP divided by the total population of a country |
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Term
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Definition
| an increase in the general price level |
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Term
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Definition
| the total amount owed by the federal government |
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Term
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Definition
| salaries and wages as well as investment income and government payments to individuals |
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Term
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Definition
| a number that compares prices in one year with some earlier base year |
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Term
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Definition
| production output in relation to a unit of input, such as a worker; output produced per worker |
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Term
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Definition
| a period in which unemployment is low, businesses produce many goods and services, and wages are good |
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Term
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Definition
| a period in which demand, production, and GDP growth decrease and unemployment begins to rise |
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Term
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Definition
| the phase in which unemployment decreases, demand for goods and services increases, and GDP begins to rise |
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Term
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Definition
| the sales of durable and nondurable goods bought by consumers |
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Term
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Definition
| represents ownership in a corporation |
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Term
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Definition
| the portion of people in the labor force who are not working; they must be willing and able to work to be counted as unemployed |
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