Economic Indicators

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GDP stands for...

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Gross Domestic Product

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The best definition for GDP is...

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The total value of goods and services produced in a country in a year.

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What is the best definition for standard of living?

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The level of goods, services, and material comforts of people in a country.

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Which of the following is the best definition for the term Life Expectancy?

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How long people are expected to live on average.

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What is the best definition of an economy?

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A system in which people produce, sell, and buy things.

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What does inflation mean?

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The rate at which the general level of prices for goods and services rises.

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What is unemployment rate?

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The percentage of the labor force that is jobless and actively seeking employment.

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What does a recession indicate?

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A significant decline in economic activity across the economy lasting more than a few months.

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What is a budget?

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A plan that outlines expected income and expenses over a specific period.

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What does 'supply and demand' refer to?

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The relationship between the amount of a product available and the desire for that product.