GDP
Unemployment
Inflation
Business Cycle
Fiscal Policy
100
in order to be considered part of the GDP, a good needs to meet these three requirements
What is final good/service, made in a calendar year, made in a specific country
100
in order to be considered unemployed you have to meet these three requirements
What is be at least 16 years old, not working, and actively looking for work
100
inflation is the average increase in the overall
What is price level
100
when the economy is growing it is considered
What is expansion
100
give an example how natural resources can help grow our economy
What is finding new natural resources
200
transfer payments are not considered part of the GDP, give an example of a transfer payment
What is welfare, food stamps, social security, etc.
200
is grandma who is retired and does not have a job at age 80 unemployed
What is no
200
we measure inflation using the
What is CPI
200
when our economy is growing but we just got out of a recession it is called a
What is recovery
200
when there is high unemployment, the government should use this type of fiscal policy to decrease the unemployment rate
What is expansionary policy
300
the equation to calculate GDP is
What is C+I+G+EX-IM
300
what type of unemployed is chris who just recently graduated from high school but can't find a job for a few months
What is frictional unemployment
300
inflation is caused by the increase in
What is the money supply
300
when our economy is contracting but we are still above our average real gdp growth it is considered
What is bust
300
when there is high inflation, the government should use this type of policy
What is contractionary policy
400
the term for when you divide the GDP by the number of people living in that country
What is GDP per capita
400
larry works at the state fair during the summer, but is unemployed the rest of the year. what type of unemployment is this?
What is seasonal
400
inflation is also caused by a shortage of
What is goods/services
400
the business cycle measures the growth of ___________ in a country
What is real gdp
400
when we use expansionary, the government ____________ spending
What is increases spending
500
GDP adjusted for inflation is called
What is Real GDP
500
what type of unemployed is it when the person does not have the skills necessary to find a job
What is structural unemployment
500
what does purchasing power mean
What your money can buy you
500
the only problem with expansion is that because people are buying so many items, this occurs
What is inflation
500
during contractionary policy, the government spends less money on the people, hoping that the people in turn do what
What is spend less... so firms will lower their prices (combating inflation)
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