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Download Economic Terms: GDP, Business Cycle, Recession, Depression, Unemployment, Inflation and more Quizzes Accounting in PDF only on Docsity!
TERM 1
real GDP
DEFINITION 1
GDP after adjustments for inflation
TERM 2
business cycle
DEFINITION 2
alternating periods of economic growth and decline
TERM 3
recession
DEFINITION 3
a period of declining economic activity lasting six or more
months
TERM 4
depression
DEFINITION 4
state of economy with high unemployment, severely
depressed real GDP, and general economic hardship
TERM 5
unemployment
rate
DEFINITION 5
the percentage of people in the civilian labor force who are
not working but are looking for jobs
TERM 6
fixed income
DEFINITION 6
an income that remains the same each month and does not
have the potential to go up when prices are going up
TERM 7
inflation
DEFINITION 7
a long-term increase in the general level off prices
TERM 8
bear market
DEFINITION 8
period during which stock prices decline for a substantial
period
TERM 9
bull market
DEFINITION 9
period during which stock prices steadily increase
