GDP & Production
The branch of economics that deals with the economy as a whole or on a large scale.
Macroeconomics
A sustained rise in the general level of prices. is called?
Inflation
Regular changes in GDP marked by expansion and contraction.
The Business Cycle
This measures the percentage of the labor force without a job but seeking work.
Unemployment Rate
Government taxing and spending decisions to affect the economy/
Fiscal Policy
What measures the value of all final goods and services produced within a country?
Gross Domestic Product (GDP)
Extremely rapid inflation is called?
Hyperinflation
This phase of the business cycle includes economic growth and rising employment.
Expansion
A worker replaced by robots is experiencing this type of unemployment.
Structural Unemployment
Who is in control of conducting the country's monetary policy?
The Federal Reserve
Goods used to make other products that already counted in GDP are called?
Intermediate Goods
Falling prices in an economy are called?
Deflation
The lowest point in the business cycle is called?
Trough/Depression
A ski resort worker unemployed during the summer experiences this.
Seasonal Unemployment
A company manufacturing products in multiple countries is an example of this.
Globalization
Flour used by a bakery to make bread is this type of good.
Intermediate Good
What shows changes in general prices consumers pay for goods and services over time?
Consumer Price Index (CPI)
This phase includes declining economic activity and rising unemployment.
Recession/Contraction
A recent college graduate searching for a first job experiences this type of unemployment.
Frictional Unemployment
Increased worldwide trade and economic connections
Globalization
What shows the measure of gross domestic product divided by the population to show output per person?
GDP Per Capita
When inflation rises faster than wages, consumers are able to buy fewer goods and services with the same amount of money.
Decreased purchasing power
The highest point of the business cycle before decline begins.
Peak
A factory worker laid off during a recession experiences this type of unemployment.
Cyclical Unemployment
When the Federal Reserve lowers interest rates, it is usually trying to encourage this in the economy.
Economic growth/increase borrowing and spending