Words to Know
Define Inflation
What is the rise of prices across the economy?
The Federal Reserve is
What is the central bank of America?
Define Fiscal Policy
What is the spending and taxing decisions made by the Federal Government?
The main types of unemployment are
What is structural, cyclical, seasonal, and frictional?
The three economic indicators are
What is 1) Economic Growth 2) Price Stability 3) Full Employment?
Define Consumer Price Index
What is the measurement of commonly purchased goods and services and tracking of inflation
The 3 roles of money
What is.....
1)Medium of Exchange
2)Store of Value
3)Unit of Accounting
The Federal Government makes changes to Fiscal Policy to promote
What is....
1)Price Stability
2)Full Employment
3)Economic Growth
Structural unemployment is
What is when people do not fit the job?
Economic growth is
What is the slow gaining of value over time?
The definition of real GDP
What is GDP adjusted for inflation?
The Federal Reserve controls
What is the supply of money?
If the government goes over budget it is called
What is a deficit?
Seasonal unemployment is
What is when the seasons change affecting employment?
Price Stability is
What is prices staying the same and money keeping its value?
Define unemployment
What is people actively looking for a job?
FOMC stands for
What is the Federal Open Market Committee?
If the government is under budget it is called
What is a surplus?
Cyclical unemployment is
What is when business goals change?
Full employment is
What is everyone who is willing and able to work has the opportunity to do so?
Define GDP
What is the total number of goods and services produced by a country over a given period of time?
The FOMC is located
What is Washington D.C.?
National debt is
Frictional unemployment is
What is people between jobs?
The stages of the business cycle are
What is peak, recession, trough, and expansion?