GDP
This is the sum of the price of all final goods and services within one country.
What is GDP?
The number of jobless people actively looking for work divided by the number of people in the labor force (times 100).
What is the unemployment rate?
The average increase of prices across an economy in a given month or year.
What is inflation?
The growth and decline of an economic activity increases and decreases periodically.
When one country has a natural complete advantage over another country in producing a good or service efficiently.
What is absolute advantage?
This is the formula for calculating GDP.
What is C+I+G+NX (Consumption, Business Investment, Government Spending, Net Exports)
When an employed person's human capital exceeds the requirements of their current job.
What is underemployment?
This is used to measure inflation.
What is the Consumer Price Index?
During this period, economic activity is in decline.
What is contraction?
When one country produces a good or service at a lower opportunity cost than another country.
What is comparative advantage?
Goods and services brought into the US from other country to sell to American consumers.
What are imports?
When people are entering the workforce for the first time or are between jobs because they are looking for a better one.
What is frictional unemployment?
This department measures inflation.
Who is the Bureau of Labor Statistics?
This is the lowest point of economic contraction before the economy enters into a period of growth?
What is a trough?
This is an additional tax on goods or services imported into your county.
What is a protective tariff?
These are goods and services produced in the US and sold abroad.
What are exports?
When people lose their jobs due to their job being removed from the economy, usually due to technology.
What is structural unemployment?
Sometimes consumers, business, government and other countries demand more goods than the economy can produce--"too many dollars chasing too few goods"
What is a demand-pull inflation?
What is a recession?
This is a limitation on the amount of a particular good or service that can be imported annually.
What are import quotas?
These goods are NOT counted towards GDP.
What are intermediate goods?
When people lose their jobs due to recession or contracting economy.
What is cyclical unemployment?
When the factors of production for businesses rise in cost across an economy.
What is cost-push inflation?
This is a severe recession usually lasting at least two years.
What is a depression?
This is a quota set by the exporting country, usually due to pressure from the importing country.
What is voluntary export restraints?