Ew, Gross
This is the total value of all final goods and services produced within a country's borders in a given time period.
What is Gross Domestic Product?
This is a period of declining economic activity lasting at least six months.
What is a recession?
This type of unemployment varies with the seasons, like agricultural or tourism jobs.
What is seasonal unemployment?
This is the income that governments collect from taxes, fees, and other sources.
What is revenue?
This is a sustained increase in the general price level of goods and services.
What is inflation?
Cars, appliances, and furniture are examples of these goods that last more than three years.
What are durable goods?
This is the period of economic growth when production, employment, and income are rising.
What is expansion?
These are people who have given up looking for work and are no longer counted in unemployment statistics.
What are discouraged workers?
This is the portion of income that is subject to taxation after deductions and exemptions.
What is taxable income?
This is the ability to buy goods and services with a given amount of money.
What is purchasing power?
This type of GDP is adjusted for inflation to show the true change in production.
What is real GDP?
This occurs when high inflation and high unemployment happen simultaneously.
What is stagflation?
This type of unemployment rises and falls with the business cycle.
What is cyclical unemployment?
Under this tax system, everyone pays the same percentage regardless of income level.
What is a proportional tax?
This is a collection of goods and services used to calculate price changes.
What is a market basket?
This type of GDP is measured in current prices without adjusting for inflation.
What is nominal GDP?
This measures the average economic output per person in a country.
What is real GDP per capita?
This type of unemployment occurs when people are temporarily between jobs.
What is frictional unemployment?
Under this tax system, people with higher incomes pay a higher percentage in taxes.
What is a progressive tax?
This occurs when the general price level falls over time.
What is deflation?
These are goods sold to businesses for further processing or manufacturing, not counted in GDP to avoid double counting.
What are intermediate goods?
This occurs when workers have more capital equipment to work with, increasing productivity.
What is capital deepening?
This is the minimum income level below which a person or family is considered poor.
What is the poverty threshold?
This is the practice of taking taxes directly out of a worker's paycheck.
What is withholding?
This measures the average change in prices of goods and services that consumers buy.
What is the Consumer Price Index?