| A | B |
|---|
| GDP | the total value of goods and services produced in a country |
| Standard of Living | the amount of goods and services the average citizen can buy |
| Productivity | How much is produced |
| Economic Indicators | figures used to measure economic performance |
| Unemployment Rate | the number of people who are able to work but don't have a jub during a given period of time. |
| Inflation | a general increase in the cost of goods and services |
| Hyperinflation | 3-5% inflation |
| Deflation | a genral decrease in the cost of goods and services. |
| Budget Deficit | when the government spends more on programs than it collects in taxes |
| National Debt | The total amount of money a government owes |
| Budget Surplus | whan a government's revenue exceeds its expenditures during a one year period |
| Business Cycle | The rise and fall of economic activity over time |
| Prosperity | a peak of economic activity |
| Recession | An economic activity slow down |
| Ripple Effect | When one industry struggles or closes other industry than follow |
| Depression | A deep recession that affects the entire economy |
| Recovery | A rise in business activity after a recession or depression |
