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Objective 1.02

Objective 1.02
Understand economic conditions

AB
includes food, clothing, housing, and other spendingIndividual spending
includes buildings, equipment, and inventory itemsBusiness spending
includes paying employees and buying supplies and other goods and services.Government spending
includes goods and services that are sold to other countriesExports minus imports
is a country’s total dollar value of all final goods and services produced in one yearGDP
the people of the labor force that are unemployed, are looking for work, willing to work, and unable to find work.Unemployment rate
the total wages and salaries plus investment income and government payments to individualsPersonal income
the sales of goods and services purchased to indicate the spending patternsRetail Sales
an increase in the general level of pricesInflation
a decrease in the general level of pricesDeflation
a number that compares prices in one year with some earlier base yearConsumer Price Index
represent the cost of borrowing moneyInterest rates


Mrs. Yeager

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