Chapter 2 vocab

2. is a period in which demand begins to decrease businesses lower production enemployment begins to rise and GDP growth slows for two or more quarters of calander year.
3. is a phase marked by a prolongd period of high unemployment weak consumer sales and business failures.
6. is an increase in the general level of prices.
8. One economic statistic of cocern.
12. Refers to salaries and wages as well as investment income and government payment to individuals.
13. means a decrease in the general level of prices.
14. is results
16. debt the total amount owned by the federal government
17. Or the sales of durable and nondurable goods bought by consumers.
18. is that phase in which unemployment begins to decrases demand for goods and services increase and GDP begins to rise again.
19. is a period in which most people who want to work are working businesses when the conomy slows down a phase of the business cycle known as recession occurs

1. is the production output in relation to a unit of input such as a worker.
4. involve spending by businesses for items such as land building equipment and new products.
5. Represents ownership in corporation
7. represents debt for an organization.
9. this movement of the economy from one condition to another and back again.
10. Is a number that compares prices in one year with some earlier base year.
11. Is the total dollar value of all final goods and services produced in a country during one year
14. deficit in contrast a government may spend more then it takes
15. or output per person.