GDP/Business Cycle
The pattern of ups and downs in the economy is called ______________
What is the Business Cycle?
_________________ means the exchange of capital (money), goods, and services across borders or between nations.
What is International Trade?
When the buying power of money goes down and prices increase.
What is inflation?
The __________is anyone that is at least sixteen years old that is employed or that is actively looking for a job.
What is the labor force?
A ________________ is a plan for spending and
saving.
What is a budget?
________________is when Real-GDP continues to increase quarter after quarter; this continued increase shows that more final goods and services are being produced and sold.
What is an Expansion?
__________________ is a process used to describe the growing interdependence or connection of the world’s economies, cultures, and populations.
What is Globalization?
_____________is when prices fall and the value of
money increases.
The ______________________ is defined as the percentage of people that are in the labor force who want to work but can’t find a job.
What is the Unemployment Rate?
The federal government obtains its revenue from ______________.
What is taxes?
__________________ is the total value of all goods and services produced in a country.
What is Gross Domestic Product?
Goods, raw materials, and services that are produced in one country and then sold to another country.
What are exports?
____________________ is when prices rise because the cost of resources and labor increases.
What is Cost Push Inflation?
A _______________ unemployment rate is a
good sign and usually means the
economy is doing well and is
healthy.
What is low?
____________________ is required funding; these are programs such as Social Security, Medicare, and other programs created in the past.
What is Mandatory Spending?
When the economy hits this high point or boom, we call it a ____________.
__________________ is when a government tries to restrict the importation of some goods by creating trade policies or trade barriers.
What is Protectionism?
_____________________ is when prices are
PULLED up because demand is greater than supply.
What is demand pull inflation?
The government regularly measures the labor market in order to gain a better understanding of how our economy is doing. The _____________________is the agency that collects and processes a large amount of labor market data.
What is the Bureau of Labor Statistics (BLS)?
The ______________________ is all of the money the federal government has borrowed over the years and
has not paid back.
What is the national debt?
In a ________________, things become worse for the economy. More people begin to losing their jobs, there is less spending by consumers, and many businesses closedown.
What is a Recession?
A_________________________ is when a country evaluates the opportunity cost to produce an item and then chooses to produce items that they can make better than other nations.
What is a comparative advantage?
The ______________ measures the price change of a selected group of consumer goods and services overtime.
What is the Consumer Price Index?
Lifeguards are in high demand
during the summer, but few are needed
during winter. This is an example of what type of unemployment?
What is seasonal?
____________________ is flexible spending; it pays for running the government and new programs
What is discretionary spending?