Vocabulary
Big Events
Measuring the Economy
Income Inequality
Government & the Economy
1

GDP after adjustments for inflation

What is real GDP?

1

A major economic depression that began in 1929

What is the Great Depression?

1

Alternating periods of growth and decline in the economy

What is a business cycle?

1

Aid given by the government to the poor

What is welfare?

1

An action that causes an unsafe product to be removed from store shelves

What is a recall?

2

An economic good that is used collectively (ie a park, sidewalk, the police, etc.)

What is a public good?

2

The act that was passed that banned monopolies and other forms of business that prevent competition

What is the Sherman Act? 

or

What is the Clayton Act?

2

The percentage of people who are without a job

What is the unemployment rate?
2
The inability to pay for basic needs

What is poverty?

2

These laws help maintain competition in the economy

What is antitrust laws?

3

A period of declining economic activity lasting six months or longer

What is a recession?

3

This event happened in December of 2007 and ended in June of 2009

What is the Great Recession?

3

Long-term increase of prices

What is inflation?

3

Former president Barack Obama said this is the key to income

What is education?

3

A market situation in which the costs of production are minimized by having a single firm produce a product

What is a natural monopoly?

4

A combination of two or more companies to form a single business

What is a merger?

4

This act gave protection to those with a disability in the work force

What is the Americans with Disabilities Act (ADA)?

4

The highest point of growth in a business cycle

What is a peak?

4

Programs that require welfare recipients to work to exchange their labor for benefits

What is workfare?

4

The side effects produced by economic activities

What is an externality?

5

Programs that require welfare recipients to exchange some of their labor for benefits

What is workfare?

5

This act - passed in 1963 - required that men and women be paid equally for equal work

What is the Equal Pay Act?

5

Also known as a contraction - this event happens before a trough in a business cycle

What is a recession?

5

This act aims to increase the number of minorities and women in a work place

What is affirmative action?

5

This agency is responsible for ensuring our food, drugs, medical equipment, and cosmetics are safe

What is the FDA?

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