Chapter 4 Economic Measurements Study Guide – Flashcards
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Current
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because prices change from year to year, prices ma not give an accurate picture of economic growth
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deflation
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Decrease in the general price level
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gross domestic product
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Total value of all final goods and services
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Business
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The movement of our economy from one condition to another and back again
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Worker hour
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productivity output
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constant prices
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current prices are adjusted to find the GDP at _________
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Base Year
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The year chosen to compare an item's price to the same item in another year
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Inflation
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An increase in the general price
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Per captia
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Per person
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recovery
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phase of the business cycle when employment is rising and consumers start buying products again
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Measure
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GDP and productivity are 2 ways we ____________ growth
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prosperity
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The high point in a business
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depression
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The low point in a business
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Per capita output
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One way to measure economic growth
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productivity
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the number of goods one worker on the average can produce in an hour
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recession
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Demand begins to fall; businesses lower production; unemployment rises
