Economy and Business Chp 2

Front

What is one of the four stages of a business cycle?

Back

Expansion

Front

What does GDP stand for?

Back

Gross Domestic Product

Front

Which term refers to the general increase in prices and fall in the purchasing value of money?

Back

Inflation

Front

What is the term for the percentage rate at which the general level of prices for goods and services is rising?

Back

Inflation Rate

Front

Which index measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services?

Back

Consumer Price Index (CPI)

Front

What is the term for a period of temporary economic decline during which trade and industrial activity are reduced?

Back

Recession

Front

What does the unemployment rate indicate in economic measurement?

Back

The percentage of people without jobs

Front

How do stock and bond markets contribute to economic measurement?

Back

By showing the performance of financial investments

Front

What is another term for GDP?

Back

Economic output

Front

How is government spending defined in the context of GDP?

Back

Spending by national, state, and local governments