GDP
The dollar value of all final goods and services produced within a country’s borders in a given year.
GDP
A general increase in prices.
Inflation
Higher Spending, tax cuts, encourages economic growth.
Expansionary Policies
A period of economic growth, measured in real GDP.
Expansion
Occurs as a result of harvest schedules, vacations, or seasons.
Seasonal Unemployment
Goods that last for a long time.
Durable Goods
Government issued coupons that recipients exchange for food are called. . .
Food Stamps
Lower Spending, higher taxes, reduce economic growth.
Contractionary Policies
The height of an economic expansion.
Peak
Occurs when workers skills do not match the jobs that are available.
Structural Unemployment
Goods used in the production of final goods.
Intermediate Goods
Inflation that is out of control.
Hyperinflation
Monetary policy that reduces the money supply.
Tight Money Policy
When an economy has bottomed out. When GDP stops falling.
Trough
Rises during economic downturns and falls when the economy improves.
Cyclical Unemployment
A system that collects macroeconomic statistics on production income, investment, and savings.
National Income Accounting
The income level below which the income is insufficient to support a family or household.
Poverty Threshold
Monetary policy that increases the money supply.
Easy Money Policy
A period of economic decline, measured in falling real GDP.
Contraction
Unemployment that occurs when people take time to find a job.
Frictional Unemployment
The annual income earned by U.S. firms and U.S. Citizens.
GNP
Rising Wages cause higher prices, and higher prices cause higher wages.
Wage-Price Spiral
How many Federal District Banks are there?
12
A recession that is especially long and severe.
Depression
When there is no cyclical unemployment. Basically, everyone who wants a job has one.
Full Employment