Economic policies of the former US president Ronald Reagan, associated with the reduction of taxes and the promotion of unrestricted free-market activity
What is "Reaganomics"?
100
Unemployment due to changes in time of year (holidays, school year, weather)
What is "seasonal unemployment"?
100
Define business cycle
What is "Changes, in a market system’s economic activity"
100
a rise in overall prices
What is "inflation"?
200
Formula for Gross National Product
What is "Gross Domestic Product + Net Factor Income from Abroad"?
200
Increasing an economy's ability to supply more goods is the most effective way to stimulate economic growth
What is "Supply Side Economics"?
200
The population in an economy that consists of those people who want to work
What is "Labor Force"?
200
Period of economic expansion and growth. Periods like this also have low unemployment and a little bit of demand-side inflation
What is "expansion"?
200
Inflation Rate formula
What is "(CPI Year A - CPI Year B)/CPI Year B X100
300
The total value of goods produced and services provided in a country during one year.
What is "Gross Domestic Product"?
300
An economic idea which states that decreasing taxes for corporations, investors and entrepreneurs can stimulate production in the overall economy
What is "Trickle Down Economics"?
300
Unemployment that results from changes in technology or demand
What is "Structural Unemployment"?
300
High consumer demand encourages producers to use their capacity to hire more workers and make more products. GDP is usually higher than it has ever been before
What is "peak"?
300
When production decreases, it causes this type of inflation
What is "supply side inflation"?
400
Term used for: Income from US citizens living abroad, minus the income of non-citizens living in the US.
What is "Net Factor Income from Abroad"?
400
Economic challenges during the 1970s and 1980s
What is "Increase in the Labor Force, High Levels of Government Spending, and Stagflation"?
400
Unemployment Rate Formula
What is "Unemployment Rate = (# of Unemployed Persons / Total Work Force) x 100"
400
When demand, production, and employment reach their lowest levels
What is "trough"?
400
When there is too much money and not enough products
What is "demand side inflation"?
500
The difference between Gross Domestic Product and Gross National Product
GDP - Income based on geographical boundary
GNP - Income based on a country's citizens' income, regardless of where they live/work
500
5 Goals of Reaganomics
What is "Lowering Inflation, Reducing Government Debt, Decreasing Government Spending, Reducing Unemployment, and Raising GDP"?
500
The three things necessary to be considered unemployed
1. People in labor force who do not have a job
2. Those who have actively looked for work in the past four weeks
3. Those currently available for work
500
GDP starts declining, and the economy is slowing down. Unemployment also starts to rise a bit.
What is "contraction"?
500
Measures the variation in prices for goods over a period of time