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Transcript 
Chapter 3
Key Terms
Gross Domestic Product
(GDP)
The total value of the goods and
services produced in a country in a
given year.
Standard of Living
The level of material comfort as
measured by the goods and services
that are available.
Inflation
A general increase in the cost of goods
and services.
Deflation
A general decrease in the cost of goods
and services.
Budget Deficit
When the government spends more on
programs than it collects in taxes.
National Debt
The total amount of money a
government owes.
Budget Surplus
A situation in which a government’s
revenue exceeds its expenditures
during a one-year period.
Business Cycle
The rise and fall of economic activity
over time.
Prosperity
A peak of economic activity.
Recession
A slowdown of economic activity.
Depression
A deep recession that affects the entire
economy and lasts for several year.
Unemployment Rate
A measure of the number of people who
are able and willing to work but cannot
find work during a given period.
Recovery
A rise in business activity after a
recession or depression.
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