An overall decrease in the price of goods/services

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

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

The general increase in the price of goods/services.

Government revenue exceeds expenses

Government spends more than it collects

Total amount the government owes

A rise in business activity after a recession or depression

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

A slowdown of economic activity

The peak of economic activity

The rise and fall of economic activity over time

Service based economy began as early as the __________ when the colonists traded goods and services

Even though we're in the information age, we still rely on aspects of other economic eras.

Computers came about during the industrial revolution

Economic indicators measure what a country is producing, growth and comparisons to other countries

US has a low GDP compared to most countries

Business cycles don't always go through all four stages

The Great Depression of 1929 lasted more than a few (at least 10) years.

Phase that follows depression is recovery.