BP2.1Terminology

Match the following

• the sales of durable and nondurable goods bought by consumers

• Unemployment Rate

• the total value of all final goods and services produced in a country during one year

• Productivity

• the production output in relation to a unit of input

• Retail Sales

• the portion of the people in the labor force who are not working

• GDP

  Gross Domestic Product

• output per person, calculated by dividing GDP by the total population

• GDP Per Capita

the total value of all final goods and services produced in a country during one year

• GDP

• GDP per capita

• personal income

• division of labor

output per person, calculated by dividing GDP by the total population

• GDP

• GDP per capita

• specialization of labor

• productivity

the portion of the people in the labor force who are not working

• GDP

• division of labor

• personal income

• unemployment rate

the production output in relation to a unit of input

• productivity

• unemployment rate

• personal income

• retail sales

the sales of durable and nondurable goods bought by consumers

• unemployment rate

• productivity

• retail sales

• GDP

specialization of labor

• training workers to do a specific task

• salaries and wages, investment income, and government payments to individuals

• individuals age 16 and over actively working or seeking work

• durable and non-durable goods bought by consumers

Which of the following would NOT be included in GDP?

• exports to other countries

• purchases of computers by government

• automobiles purchased

• dinner preparation for your family

Productivity would likely increase as a result of

• higher taxes

• expanded production technology

• decreased training programs

• lower interest rates

Retail sales include

• taxes collected

• companies buying new equipment

• borrowing by business

• school supplies bought by students