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Consumer Prices
Labor Activities
GDP
Consumer Spending
Business Cycle
100
An increase in the general level of prices.
What is inflation.
100
The percentage of people in the labor force who are not working, but are looking for work.
What is unemployment rate.
100
Which would better indicate our GDP is going up, increased production or increased unemployment?
What is increased production.
100
An iPad is considered this type of good because it is expected to last for a while.
What is a durable good.
100
A period when demand begins to decrease, businesses lower production as a result, and unemployment begins to rise.
What is a recession.
200
A decrease in the overall level of prices.
What is deflation.
200
Worker output in relation to input.
What is productivity.
200
If your aunt cut your hair in your family's kitchen, the value of this work would not be counted into what economic indicator.
What is GDP.
200
Give two examples of non-durable goods.
What are food and gasoline.
200
During this period your stocks are making the most money.
What is prosperity.
300
Compares prices in one year with another year (the base year)
What is the Consumer Price Index.
300
Students, retired people, and others who just won't work are not a part of this.
What is the unemployment rate.
300
Dividing the GDP by the total in the population.
What is GDP Per Capita.
300
The sales of durable and non-durable goods bought by consumers comprise this economic indicator.
What is retail sales.
300
A period where GDP is falling rapidly and many businesses fail.
What is a depression.
400
This happens to the buying power of your dollars during times of inflation.
What is decreases or goes down.
400
The main cause of unemployment.
What is reduced demand for goods and services.
400
Which of the following would be included in the GDP? The dollar value of a screw used in the making of a rocking chair. OR The dollar value of the final rocking chair.
What is the dollar value of the final rocking chair.
400
Salaries and wages, as well as investment income and government payments to individuals make up this economic indicator.
What is personal income.
400
The recurring ups and downs of the GDP that has four phases.
What is the Business Cycle.
500
If inflation had increased prices 3 percent in one year and a product cost $100 at the beginning of the year, what would it have cost at the end of the year?
What is $103.
500
The theory developed after a research experiment in a factory where employees produced more when the lighting was increased, and productivity went up again after the lighting was adjusted back to normal levels. This was thought to be because the employees felt someone cared about them.
What is the Hawthorne Effect.
500
The complete definition of GDP.
What is the total dollar value of all FINAL goods and services produced in one country in one year.
500
Of the two economic indicators of consumer spending, retail sales and personal income. Which one must occur first before the other can occur.
What is personal income.
500
During this period unemployment goes down, and demand goes up. This is a welcome phase to a struggling economy.
What is recovery.