| A | B |
|---|
| Gross domestic product | the total value of the goods and services produced in a country in one year. |
| Standard of living | the amount of goods and services the people of a country can buy. |
| Inflation | a general increase in the cost of goods and services. |
| Deflation | a general decrease in the cost of goods and services |
| Budget deficit | when the government spends more on programs than it collects in taxes, or expenses exceed income. |
| National debt- | the total amount of money owed by the federal government. |
| Budget surplus | when the government collects more in taxes than it spends on programs, or income exceeds expenses. |
| Business cycle | -the rise and fall of economic activity over time. |
| Recession | a decline in economic activity. |
| Depression | a deep, long-term decline in economic activity. |
| Recovery | a rise in business activity after a recession or depression. |
| Ethics | a set of moral principles by which people conduct themselves personally, socially, or professionally. |
| Business ethics | the rules that govern how businesses should conduct themselves. |
| Sweatshops | factories that pay poorly, have unsafe working conditions, and treat workers badly. |
| OSHA | a division of the Department of Labor that sets and enforces work-related health and safety rules. |
| Code of ethics | a strict set of guideline in a profession or company for upholding ethical behavior in the workplace. |
| Social responsibility | the obligation to do what is best for the welfare of society. |
| Conflict of interest | when a business puts its interests before the interests of society. |
| Food and Drug Administration | a government agency that protects consumers from dangerous or falsely advertised products. |
| Equal Pay Act- | a federal law against denying credit on the basis of gender, age, ethnicity, or other difference |
| Environmental Protection Agency (EPA)- | a federal law that enforces rules to protect the environment and control pollution. |
