GDP
Market value of all goods and services produced by the economy in a given year
What is Gross Domestic Product(GDP)?
The percentage of the labor force that’s unemployed and actively seeking work
What is the Unemployment Rate?
When the average of the prices for goods and services either doesn’t change or changes very little.
What is Price Stability?
Economic ups and downs resulting from expansion and contraction constitute what
What is a business cycle?
The percentage amount the Federal Reserve Bank raised interest rates
what is .25%
If GDP goes up, the economy is growing. If it goes down, the economy is
What is contracting?
Government department that tracks employment/unemployment rate
What is the US Department of Labor
According to chart, the year Inflation was at its peak
What is 1980?
The Great Inflation
The four business cycles (in order)
What is prosperity, recession, depression, and recovery?
The specific rate that the FED decided to raise
What is the Federal Funds Rate?
Government entity that calculates GDP
Business Cycle phase when the Unemployment Rate is at its highest
What is the Recession phase?
When the overall price goes up, we have
What is Inflation?
Phase of the business cycle which is generally skipped
What is the depression phase?
Raising rates protects against what
What is Inflation?
When building an iPhone, the battery put in the phone is not counted towards GDP, even though the battery itself is a product created, but the iPhone is considered towards GDP. Thus, the battery is considered a(n) what?
What is an intermediate good?
The percentage economists consider the economy to have "full employment"
What is 95%
When the price level goes down, we have
What is Deflation?
The year when the last recession started, mainly from a collapse of the housing market.
What is 2008?
Business Cycle we should be heading into because of rising rates
What is the Recession phase?
GDP annual rate percentage growth in the previous quarter(second quarter) that was a lot higher than expected (I mentioned the percentage last class, look up if you need to).
What is 4.2 growth%
Unemployment Rate in 2000 (use chart).
What is 4%?
What is the current inflation rate? (look up if needed)
What is 1.9%
The business cycle the U.S. economy is currently in
What is the prosperity phase?
The chairman of the Federal Reserve Bank of the U.S.
Who is Jerome Powell?