economic growth
Economic Indicators?
Data the government uses to find where the economy currently is and where its headed
Contraction/Recession
Economic reccession is the general decline of economic growth or activity
Seasonal?
a level of unemployment that changes at certain parts of the year depending on the weather
Demand-pull?
When increased demand causes a shortage of a good, it leads to a price increase
GDP?
The total annual income earned inside the U.S. By anyone.
Depression/trough
the end of a contraction. The most depressed stage of the business cycle.
Cyclical?
a factor of overall unemployment that refers to the cyclical trends in growth and production during the fiscal year
cost-push?
When an increase in the cost of raw material and wages leads to a general price increase
GNP?
Gross National Product; the total annual income earned by U.S.-owned firms and U.S. residents anywhere in the world
circular flow?
The general movement of income through the economy
Frictional?
Unemployment that comes from people moving between careers or locations.
Purchasing power?
Inflation decreases the purchasing power of a dollar
Examples of economic warning signs?
higher unemployment rates and increased inflation
Aggregate Demand
The total final demand for goods and services in the economy. Used to measure the success of one economy compared to another
Structural?
a mismatch between the jobs available and the skill level of the unemployed.
Destabilization?
inflation destablizes money. This can lead to disruption of political parties and international trade.
these tell us where the economy has been, where we are, and whats coming; respectfully.
Unemployment rate?
The percentage of the workforce that is unemployed and looking for work
What % of your paycheck is your unemployment check?
.5 of your normal paycheck
Market Basket?
An inflation index that used a representative collection of goods purchased daily to show inflation