COMP.ECON REVEIWER

The total value, in dollars, of all final goods and services produced within the nation each year

• Gross National Product

• Gross Domestic Product

• Gross National Income

• Revenue

allows people to understand the direction the economy is going (growing or shrinking) and plan accordingly

• Gross National Income

• Gross Domestic Product

• Recession

• Business Cycle

High demand for good

• PEAK

• THROUGH

• EXPANSION

• RECESSION

Wages increase

• PEAK

• THROUGH

• CONTRACTION

• EXPANSION

Low unemployment

People are optimistic and spending money

• EXPANSION

• THROUGH

• CONTRACTION

• PEAK

GDP reaches Maximum during PEAK

• TRUE

• FALSE

During PEAK, business produce and hire more people

• TRUE

• FALSE

Employment rate increases during Contraction

• TRUE

• FALSE

Number of Jobs decline

• trough

• peak

• contraction

High unemployment and low spending

• peak

• trough

• contraction