GDP
Complete the definition. GDP measures the total monetary value of goods produced ___________________ during a given year.
Within the geographical borders of a country.
When illustrating the business cycle, the y-axis represents. . .
Real GDP
Stagflation.
When he wasn't driving a taxi, Marty was learning how to cook. Now that he's mastered cooking, he's quit his job as a cab driver and is now looking for a job as a chef. He is experiencing a specific type of unemployment.
Frictional unemployment.
At this point of the business cycle, GDP begins to increase.
Trough.
After 10 years of the Great Depression, this world-altering event ended it.
WWII
Millions of kids now want donkeys as pets. There are not enough donkeys for them all. The price of donkeys increases.
Demand-pull.
Unemployment has specific definition. The unemployment rate only considers people who meet certain criteria.
Unemployed and looking for work.
Inflation can be caused by natural disasters that create shortages. This type of inflation has a specific name.
Cost-push inflation.
A recession makes it difficult for Burger King to pay its employees, leading to mass lay-offs. These employees are facing a specific type of unemployment.
Cyclical unemployment.
This index measures the average change in price of a 'market basket' of commonly purchased items, indicating inflation or deflation.
Consumer Price Index (CPI)
When the price of retail products across Washington state increases, many residents begin to campaign for another minimum wage hike. This phenomenon has a name.
Wage-price spiral.
Technological unemployment is a specific form of another type of unemployment.
Structural unemployment.
The negative impacts of inflation are especially severe to those who have done what?
Lent money.
When there is a high inflation rate, things can be bought for a lower price and sold later at a higher price. There is a term for this sort of investment.
Speculation.
There is one key feature of cyclical unemployment that structural unemployment lacks.
Recession.