| A | B |
|---|
| Gross Domestic Product | the total value of goods produced and services provided in a county during one year |
| GDP Per Capita | a measure of the GDP of a nation divided by the total population of that country |
| Unemployment Rate | an economic indicator which represents the number of citzens unemployed in a nation as a percentage |
| Productivity | having the power to produce |
| Business Cycle | a series of repetition in economic expansion and contraction |
| Prosperity | the peak of the business cycle; the period where the most people want to do work and records are set |
| Recession | the phase in the business cycle in which demand begins to decrease; businesses lower production and unemployment begins to rise |
| Depression | a phase in the business cycle marked by a prolonged period of high unemployment |
| Recovery | the phase in the business cycle in which unemployment begins to decrease and the demand for goods and services begins to increase |
| Inflation | an increase in the general level of prices which makes the dollar less powerful |
| Deflation | a decrease in the general level of prices which makes the dollar more powerful |
| Budget Surplus | occurs when a government spends less than it takes in (spending less than you make) |
| Budget Deficit | occurs when a government spends more than it takes in (spending more than you make) |
