IBC - Chapter 3 - Review

Total value of goods/services produced in a country in a given year.

• Gross Domestic Product

• Standard of Living

• Unemployment Rate

• Inflation

• Deflation

An overall decrease in the price of goods/services

• Gross Domestic Product

• Standard of Living

• Unemployment Rate

• Inflation

• Deflation

The level of material comfort as measured by goods/services available.

• Gross Domestic Product

• Standard of Living

• Unemployment Rate

• Inflation

• Deflation

The amount of people who are willing & able to work but cannot find a job during a given period.

• Gross Domestic Product

• Standard of Living

• Unemployment Rate

• Inflation

• Deflation

The general increase in the price of goods/services.

• Gross Domestic Product

• Standard of Living

• Unemployment Rate

• Inflation

• Deflation

Government revenue exceeds expenses

• National Debt

• Budget Surplus

• Budget Deficit

Government spends more than it collects

• National Debt

• Budget Surplus

• Budget Deficit

Total amount the government owes

• National Debt

• Budget Surplus

• Budget Deficit

A rise in business activity after a recession or depression

• Business Cycle

• Recovery

• Recession

• Prosperity

• Depression

A deep recession that affects the entire economy and lasts for several years.

• Business Cycle

• Recovery

• Recession

• Prosperity

• Depression