Prices and the Economy
This is the general rise in prices over time.
What is inflation?
This measures the total value of all goods and services produced in a country.
What is Gross Domestic Product (GDP)?
This agreement aimed to reduce trade barriers between countries before the WTO.
What is the G.A.T.T. Treaty?
This type of policy involves controlling the money supply and interest rates.
What is monetary policy?
This is the payment workers receive for their labor.
What are wages?
This is the general fall in prices over time.
What is deflation?
This measures the average economic output per person.
What is GDP per capita?
This organization was created to help countries trade more freely.
What is the World Trade Organization?
This Canadian government department monitors environmental and climate issues.
What is Environment and Climate Change Canada?
This term refers to the total demand and supply in an entire economy.
What is macroeconomic?
This happens when prices rise because demand is greater than supply.
What is demand-pull inflation?
This index tracks changes in the price of a basket of goods over time.
What is the Consumer Price Index (CPI)?
This term describes trade between countries without tariffs or restrictions.
What is free trade?
This U.S. law was passed to ensure men and women receive the same pay for the same work.
What is the Equal Pay Act?
This condition combines slow economic growth with high inflation.
What is stagflation?
This is the lowest legal price that can be charged for a good or service.
What is a price floor?
This type of GDP is not adjusted for inflation.
What is nominal GDP?
This economic idea supports free markets, deregulation, and reduced government spending.
What is neoliberalism?
This year marked the start of a major global financial crisis.
What is 2008?
This treaty aimed to promote international trade after World War II.
What is the G.A.T.T. Treaty?
This is the highest legal price that can be charged for a good or service.
What is a price ceiling?
This type of data has been adjusted for inflation.
What is real data?
This economic event occurs when asset prices rise far above their real value.
What is a bubble?
This type of economic activity includes taking loans or investing money.
What is borrowing and investment?
This is a basic food crop often traded globally.
What is grain?