Michael Vick
Andy Reid
DeSean Jackson
LeSean McCoy
David Akers
100
A general increase in prices.
What is inflation.
100
The lowest point of an economic transaction.
What is a trough
100
The optimal unemployment rate for a healthy and well functioning economy.
What is 4 to 6 percent.
100
The highest point of an economic expansion.
What is a peak.
100
A good that lasts a short time like french fries, gas, and sneakers
What is a non-durable good.
200
The total dollar value of all goods and services produced within a country's borders in a 12 month period.
What is gross domestic product.
200
A good that lasts a relatively long time.
What is a durable good.
200
A general decrease in prices.
What is deflation.
200
In a business cycle, the time of growth measured by a rise in GDP.
What is expansion.
200
A person who works in the pool business in Bradford County most likely experiences ______________ unemployment.
What is seasonal
300
This type of unemployment occurs when workers' skills do not match those needed for the jobs available.
What is structural unemployment.
300
A market in which a single seller dominates.
What is a monopoly.
300
The money a person has left over after taxes have been deducted from his or her salary.
What is personal disposable income.
300
Tires are considered this type of good.
What is an intermediate good.
300
People unemployed for a short period of time as they look for a job.
What is frictional unemployment.
400
Examples include: nonmarket activities, underground economy, negative externalities, and quality of life.
What are the limitations of GDP
400
In the business cycle, a time of economic decline marked by falling Real GDP.
What is a contraction.
400
Unemployment related to expansion and contraction in the business cycle.
What is cyclical unemployment.
400
Working at a job for which one is over-qualified or working or working part-time when full-time work is desired.
What is underemployment.
400
Real GDP divided by the total population.
What is GDP per capita.
500
Something that people want but is not necessary for survival.
What is a want.
500
The percentage rate of change in price level over a period of time.
What is inflation rate.
500
War and natural disasters are examples of this type of situation that affects the business cycle.
What is an external shock.
500
The price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical urban consumer.
What is the CPI (Consumer Price Index)
500
Process by which rising wages cause higher prices and higher prices cause higher wages.
What is the wage-price spiral.
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