Poverty and Business Cycle
Inflation
GDP
Unemployment
Miscellaneous
100

The percentage of income held by the wealthiest 20% of the population

What is 51%
100
This market basket approach helps determine the inflation rate by comparing past year prices with current prices.
What is the Consumer Price Index or CPI?
100

This accounts for the largest part of GDP for most countries.

What is household consumption?

100
The type of unemployment that results from new workers looking for their first job.
What is Frictional Unemployment?
100

Someone who wanted a job but gave up looking

What is a discouraged worker

200

The percentage of people living below the poverty threshold.

What is poverty rate?

200
When inflation is calculated into an economic statistic, the data is considered constant or this.
What is real?
200

GDP per capita is the best measure of this.

What is the quality of life or standard of living?

200

The type of unemployment that results from technological changes or consumer preferences.

What is Structural Unemployment?

200
When GDP is presented in current dollars.
What is nominal GDP?
300

The period of growth that follows a trough.

What is expansion or recovery.

300
When prices rise workers often bargain for higher wages to stay ahead of inflation - this is the chicken and egg of economics.
What is the Wage-Price Spiral?
300

Pollution, leisure time and illegal activities.

What are economic transactions not included in GDP?

300
The type of unemployment that results from work only being needed during certain months of the year.
What is seasonal unemployment?
300
The spillover benefits or costs to bystanders or third parties

What is an externality?

400

The high point of expansion, it happens right before a recession.

What is a peak?

400
Inflation is considered a Macroeconomic topic because it affects this.
What is the economy as a whole?
400
To ensure that goods are not counted twice, GDP is calculated using only these.
What are final goods or final ouput?
400

The type of unemployment associated with a recession.

What is cyclical unemployment.

400

A tax that takes a larger percentage of income from those who makes less.

What is a regressive tax?

500

Business Investment, the availability of money and credit, and expectations about economic future all influence this.

What is the business cycle?

500
The Census Bureau helps collect data that the BLS analyzes to produce statistics about inflation and unemployment, through this method.
What is the CPS?
500

Goods used to produce a finished product.

What are intermediate goods?

500

When an individual with a PhD. in Botany works at a local flower shop they are an example of this -

What is underemployment?

500

Goods that are non-excludable and rival

What are common resource goods?

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