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Business Cycle and Circular Flow Vocabulary - Goal 9

Circular Flow of Economic ActivityThe circle of money flowing through the economy, total income is spent, which allows the sale of goods and services, which in turn allows the payment of wages and salaries
troughthe lowest point, in an economic cycle
business cycleRecurring, fairly predictable, general pattern of periodic fluctuations (as measured by gross national product)
Factor Marketa place where inputs or resources, especially labor or capital, are bought and sold
Product Marketa market that is used to exchange finished goods and services and that contributes each year to the gross domestic product
Businesses (Firms)A commercial enterprise or establishment/The name or designation under which a company transacts business
Laborthe human effort directed toward producing goods & services
Capitalgoods used to make other goods
HouseholdA domestic unit consisting of the members of a family who live together along with nonrelatives such as servants
Interestpayments made for the use of borrowed money
Economic Interdependencethe relationship between businesses whose economic decisions effect each other
Expansionwhen the real GDP is growing – real GDP has gone up for 6 straight months
Contraction (Recession)a declining economy when the real GDP is going down – when the real GDP goes down for 6 straight months
Peaksperiod of prosperity in a business cycle in which economic activity is at its highest - GDP is at its highest level
Depressiona deep recession with high unemployment & low factory output
Gross Domestic Product (GDP)dollar value of all final goods and services produced in a country for a year
Consumer Price Index (CPI)measure of the change in price over time of a specific group of goods or services
Per Capita GDPGDP per person
Standard of Livingmaterial well being of an individual group or nation measured by how well their necessities & luxuries are being satisfied

Instructional Technology Facilitator
Surry County Schools

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