Vocab
Vocab 2
Vocab 3
Vocab 4
Vocab 5
100
Gdp
What is dollar value of all final goods and services produced within a country boarder in a given year
100
Aggregate supply
What is total amount of goods and services in the economy available at all possible price levels
100
Fiscal policy
What is is the taxing and spending decisions set by the federal government
100
Cyclical unemployment
What is unemployment directly related to swings in the business cycle
100
Expansion
What is economy is growing
200
Unemployment
What is percentage of a nations labor force that is currently not working, but actively looking for work
200
Aggregate demand
What is amount of goods and services in the economy that will be purchased at all possible price levels
200
Government deficit
What is each year government writes a budget outlining their taxing and spending decisions
200
Recession
What is time when economy is in the contraction for two consecutive quarters
300
Cpi
What is price index determined by measuring the price of a standard group of goods
300
Economic growh
What is when an economy is increasing in size, new jobs created, new resources being available, and businesses making more money
300
National debt
What is total amount of money owned by the federal government
300
Contraction
What is when economy starts going down
300
Depression
What is long term, severe recession
400
Inflation
What is general increase in prices across an economy
400
Full unemployment
What is refers to the state of the economy when virtually all who are willing and able to work have the opportunity to do so
400
Structural unemployment
What is when changes in the structure of the workplace change the need for workers
400
Trough
What is low point of an economy
500
Real gdp
What is value of current gross domestic product adjusted for inflation
500
Stable prices
What is referring to minimizing increases in the price level over time so that a countries money will retain its purchasing power over time
500
Frictional unemployment
What is workers who are in between jobs
500
Federal reserve
What is gatekeeper of the US economy
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