Term
Gross Domestic Product
(GDP) |
|
Definition
| the total dollar value of all goods and services produced in a country during one year |
|
|
Term
|
Definition
1-Consumer spending
2-Business spending
3-Government spending
4-Exports less the imports into country |
|
|
Term
| What signals that the economy is growing and healthy? |
|
Definition
| the GDP increases from year to year |
|
|
Term
|
Definition
| output per person; GDP per capita is calculated by dividing the GDP by the total population |
|
|
Term
|
Definition
| the portion of people in the labor force that is not working |
|
|
Term
|
Definition
| production output in relation to a worker(unit of input); how much work the worker has/can do |
|
|
Term
|
Definition
| the salaries and wages as well as investment income and government payments to individuals |
|
|
Term
|
Definition
| sales of durable and nondurable goods bought by consumers; indicator of general consumer spending patterns in the economy |
|
|
Term
|
Definition
| creates the needed goods and services, the wages are spent to create demand for various products |
|
|
Term
|
Definition
| people that are actively looking for a job but can't find one |
|
|
Term
|
Definition
all people above 16 who are actively working or seeking work
(NOT INCLUDED ARE STUDENTS, PEOPLE THAT ARE RETIRED, PEOPLE THAT CAN'T WORK) |
|
|
Term
| Main Cause of Unemployment |
|
Definition
| reduced demand for goods/services provided by workers |
|
|
Term
| What increases productivity? |
|
Definition
| technology, culture of company, worker training, incentives, work environment |
|
|
Term
|
Definition
goods that will last longer; can be used more than once
Ex:cars, canned foods |
|
|
Term
|
Definition
goods that don't last very long; used up in one usage
Ex: gasoline, makeup, foods |
|
|
Term
|
Definition
| usually means the economy is growing |
|
|
