GDP
This measure adjusts GDP for inflation to reflect the true value of goods and services produced.
What is real GDP?
This phase of the business cycle is characterized by increasing economic activity.
What is expansion?
Economists use this to measure growth in the economy?
What is GDP or Market Basket?
This type of unemployment occurs when individuals are temporarily out of work while transitioning between jobs.
What is frictional unemployment?
This term refers to the minimum level of income deemed adequate in a particular country.
What is the poverty threshold?
This term describes the efficiency of production, often measured as output per labor hour.
What is productivity?
This economic condition is characterized by severe and prolonged downturns in economic activity.
What is a depression?
This type of inflation occurs when demand for goods exceeds supply.
What is demand-pull inflation?
This type of unemployment arises from a mismatch between workers' skills and job requirements.
What is structural unemployment?
This percentage indicates the proportion of a population living below the poverty threshold.
What is the poverty rate?
This type of economic indicator predicts future economic activity.
What is a leading indicator?
The highest point of the business cycle before a downturn begins is known as this.
What is the peak?
This type of inflation is caused by rising costs of production.
What is cost-push inflation?
This type of unemployment is linked to the economic cycle, increasing during recessions.
What is cyclical unemployment?
Lack of Education
Location
Race & Gender
Shifts in Family Structure
Economic Shifts
What are causes of Poverty?
This indicator follows economic trends and changes after the economy has begun to follow a particular pattern.
What is a lagging indicator?
This phase indicates a significant decline in economic activity lasting more than a few months.
What is a recession?
This economic phenomenon occurs when the general price level of goods and services decreases.
What is deflation?
This is the type of unemployment faced by Santa.
What is Seasonal unemployment?
Incentives for business to open in select areas.
What are Enterprise Zones?
This term refers to the total economic output per person, adjusted for inflation.
What is real GDP per capita?
The lowest point of the business cycle before an upturn begins is known as this.
What is Trough?
a macroeconomic theory explaining the cause-and-effect relationship between rising wages and prices, or inflation.
What is wage price spiral?
When someone who is unemployed gives up looking for a job.
What is a discouraged worker?
What is the revised welfare program that is designed to help families with children experiencing low-income achieve economic security and stability.
What is Temporary Assistance for Needy Families (TANF)?