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NAME________________________________________
Principles of Business, Marketing, & Finance
CHAPTER 3
“ECONOMIC ACTIVITY IN A CHANGING WORLD”
DEFINE THE FOLLOWING TERMS:
Gross Domestic Product (GDP)-
Standard of Living___________________________________________________________________________
Inflation-
Deflation___________________________________________________________________________
Budget Deficit-
National Debt-
Budget surplus__________________________________________________________________________
Business cycleDepression-
Prosperity-
Recovery-
Recession-
NAME________________________________________
CHAPTER 3 Discussion Questions
1. What is an ECONOMIC INDICATOR & LIST THE 3:
2. Explain what standard of living measures.
3. The four phases of the BUSINESS CYCLE (see Page 40)
(draw and define each)
4. How does UNEMPLOYMENT change with the various business cycle changes?
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