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5.02 vocabulary

AB
ProductivityThe output per worker hour that is measured over a defined period of time, such as a week, a month, or a year.
Gross domestic product (GDP)The output of goods and services produced by labor and property located within a country
Gross national product (GNP)The total dollar value of goods and services produced by a nation.
Standard of livingA measurement of the amount and quality of goods and services that a nation's people have
InflationThe rate at which prices are rising
Consumer price index (CPI)A measurement of the change in price over a period of time for approximately 400 specific retail goods and services used by the average United States household: sometimes referred to as the cost-of-living index
Producer price index (PPI)A measurement of wholesale price levels in the economy
Unemployment rateThe percentage of people who are willing and able to work but cannot find a job


Northern Vance High School
Henderson, NC

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