Vocabulary
General rise in prices
What is Inflation?
Natural fluctuations in economic activity
What is Business Cycle?
Number of Unemployed Peopld/Work Force x100
What is Unemployment Rate/Percentage?
This happens to the purchasing power of your money after inflation
What is Decrease?
Socioeconomic concept that describes how poverty can persist across generations
What is Cycle of Poverty/Generational Poverty?
Highest point in the business cycle
What is Peak?
Business cycle period of economic growth
What is Expansion(ary Period)?
Type of unemployment relating to the weather
What is Seasonal Unemployment?
This happens to interest rates when there is inflation
What is Raise?
~9.2%
What is the Global Poverty Rate?
Severe and prolonged downturn in the economy
What is (Economic) Depression?
Lowest point of the business cycle
What is Trough?
Type of unemployment after graduating college and looking for a job
What is Frictional Unemployment?
2.4%
Visual representation of wealth or income inequality
What is Lorenz Curve?
High inflation and low economic growth
What is Stagflation?
Type of unemployment that typically occurs from economic downturns
What is Cyclical Unemployment?
Fired because a robot can do the job faster
What is Structural Unemployment?
Basket of goods and services to compare inflation rates over time
What is Consumer Price Index (CPI)?
Lack of education, low wages, unemployment, and discrimination are factors that what?
What is Contribute of Poverty?
Total value of all goods and services produced within a country's borders
What is Gross Domestic Product (GDP)?
GDP is typically falling during this period of the business cycle
What is Contraction(ary Period)?
4.2%
What is the U.S. unemployment rate?
41.9 quadrillion percent
How the U.S. determines the poverty rate
What is the Official Poverty Measure (OPM)?