History
1900's, rapid movement of information became possible with inventions of computers and other advanced
Information-based economy
The total value of all the goods and services produced in a country in a given year.
Gross Domestic Product
workers are only needed part of the year.
Seasonal Unemployment
A peak in economic activity. Unemployment is low, GDP is high, new businesses open, etc.
Prosperity
The total amount of money the government owes is its
National Debt
Mid 1850's, the industrial revolution enabled the advent of big machines for producing goods.
Industry-Based Economy
Figures used to measure economic performance. These include GDP, Standard of living, unemployment rate, inflation, deflation, and national debt.
Economic Indicators
new technology replaces workers, requiring new skills, or companies merge and eliminate jobs.
Structural Unemployment
Economic activity slows down. GDP lowers, demand slows down, unemployment increases.
Recession
Because the US has a very high GDP compared to some countries, it has a high standard of living
True
Early colonists bartered or traded goods and services
Service-based economy
The level of material comfort as measured by the goods and services that are available.
Standard of Living
Unemployment caused by changing jobs.
Frictional Unemployment
a deep recession that effects the entire economy and lasts for several years.
Depression
Governments spend tax revenue on.......
Defense, Education, Social Programs, Health Care
1700s Farming was a common way of life
Agriculture-based Economy
Measures the number of people who are able and willing to work but cannot find work during a given period.
Unemployment Rate
When the government spends more on programs than it collects in taxes.
Budget Deficit
The CPI (Consumer Price Index) helps us measure...
The rate of inflation or deflation
During a recovery...
Production starts to increase
1929 to 1933, GDP decreased nearly 50% and unemployment rose more than 800%
The Great Depression
a general increase in the price of goods and services.
Inflation
The government agency that that guides the economy by REGULATING the amount of MONEY in circulation AND controlling INTEREST RATES.
The Federal Reserve
During prosperity, there is...
Low unemployment and low production of goods
Name 4 Economic Indicators
Unemployment, Inflation, GDP, Standard of Living, CPI