Chapter 3 Key Terms. Gross Domestic Product (GDP) The total value of the goods and services produced in a country in a given year.

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Presentation transcript:

Chapter 3 Key Terms

Gross Domestic Product (GDP) The total value of the goods and services produced in a country in a given year.

Standard of Living The level of material comfort as measured by the goods and services that are available.

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.

National Debt The total amount of money a government owes.

Budget Surplus A situation in which 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 A slowdown of economic activity.

Depression A deep recession that affects the entire economy and lasts for several year.

Unemployment Rate A measure of the number of people who are able and willing to work but cannot find work during a given period.

Recovery A rise in business activity after a recession or depression.