GDP
This is what the letters "GDP" stand for in economics.
What is Gross Domestic Product?
This is anyone in a country who is not working (voluntary or involuntary).
What is "Not employed"?
This is a measure that tracks the average change over time in the prices of a fixed basket of goods and services.
What is "Consumer Price Index" (CPI)?
This is a partial ownership in a firm/company.
What is a stock?
This is a sustained increase in the average price level of all goods and services.
What is "inflation"?
This type of GDP measures the market value of goods and services at the current prices.
What is "Nominal GDP"?
This is the measure of "Total population" - "those under 16 or institutionalized" - "Those not in the labor force".
What is "the Labor Force"?
These are the FOUR functions money serves in our societies.
What are "Medium of Exchange", "Measure of Value", "Store of Value", and "Standard of Value"?
This is a certificate of indebtedness.
What is a bond?
A recession is declared after a decline or slowing of real GDP growth for this period of time.
What is at least 2 consecutive quarters?
These are the FOUR components that make up GDP.
What are Consumption, Investment, Government expenditure, and Net Exports?
This is a member of the workforce who stops trying to find employment.
What is a "discouraged worker"?
What is "fiat money"?
Money in one of these, can be readily deposited and withdrawn.
What is a bank account?
When GDP increases, this happens to the unemployment rate.
What is "decreases"?
This type of GDP measures the market value of final goods and services valued at constant prices over time.
What is REAL GDP?
These two types of unemployment make up "Natural Unemployment"
What are "frictional unemployment" and "structural unemployment"?
This type of money has an alternative use (ie: using cookies).
What is "commodity money"?
This is the name for the "price of taking a loan out".
What is the "interest rate"?
When a country's current is "strong", it is easier for them to do this type of activity.
What is "import"?
These two statistics are generally positively correlated with a nation's GDP.
What are "literacy rate" and "life expectancy"?
This type of unemployment is caused by natural ups and downs of the business cycle.
What is "cyclical unemployment"?
What is a "base year"?
This is how banks "create money" in our economy.
What is "loaning customers' deposits"?
This refers to the difficulty of a barter economy. Stemming from having to find someone whom wants to trade for the goods you have, and has the type of goods you want.
What is "a double coincidence of wants"?