| A | B |
|---|
| Gross Domestic Product (GDP) | represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time. |
| Standard of Living | the degree of wealth and material comfort available to a person or community. |
| Budget deficit | A status of financial health in which expenditures exceed revenue |
| budget surplus | A situation in which income exceeds expenditures. |
| national Debt | the total amount of money that a country's government has borrowed, by various means. |
| inflation | a general increase in prices and fall in the purchasing value of money. "policies aimed at controlling inflation" |
| deflation | reduction of the general level of prices in an economy. |
| business cycle | a cycle or series of cycles of economic expansion and contraction. |
| depression | a long and severe recession in an economy or market. |
| prosperity | the state of being prosperous. |
| recovery | A period of increasing business activity signaling the end of a recession. |
| recession | a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. |
