economic growth
What does GDP stand for
Gross Domestic Product
Unemployment occurs when someone is available and actively ________ for work, but does not have a paid job.
looking/Searching
Inflation is the sustained ............ in the price level of goods and services
Increase
An economy where decisions are made by custom and tradition is a ______ economy.
Traditional
What is the highest point of the business cycle is called this.
Peak
Economic growth measures how much the size of a country's .............. increases.
Economy/GPD
When unemployment rises during certain times of the year, it is called ______ unemployment.
Seasonal
When prices rise very quickly and spiral out of control, it is called hyper______.
Inflation
An economy where decisions are made by supply and demand is a ______ economy.
Market
The upswing of the business cycle towards a peak is called an economic __________. An economic __________ is associated with:
•increase in production/output
•decrease in unemployment
•increase in wages
•increase in consumer spending
Expansion
What is a period of negative economic growth (usually 2 consecutive quarters) called?
recession
The group of people who are employed or seeking work is called the labour ______.
Force
The reserve bank aims to keep the inflation rate at about ___ %
2/3 %
Australia is considered a ______ economy because it has both government and private involvement.
Mixed
The downswing of the business cycle towards a trough is called an economic __________.
It is associated with:
•decrease in production/output
•increase in unemployment
•decrease in wages
•decrease in consumer spending.
Contraction
The GDP of a country divided by that country's population is known as . . .
Per Capita GDP
When there are more workers than jobs available in a changing industry, it is called ______ unemployment.
Structural
The measure of average price changes over time is the Consumer Price ______.
Index
An economy that aims for full government control of production is ______.
Command
What is the lowest point of the business cycle called.
Trough
Fill in the following Blanks:
1. When a country sells goods overseas, this is called an ______.
2. When a country buys goods from overseas, this is called an ______.
1. Exports
2. Imports
The unemployment rate, considered one of the most important indicators of the health of the economy, is calculated by simply dividing the number of people who are ___________ by the number of people who are in the ______________and then multiplying by 100 to turn the decimal into a percentage.
unemployed , labor force
If your wage rises slower than inflation, your real income ______.
Falls/Drops/Isn't worth as much
China is often given as an example of a ______ economy.
Command
The business cycle depicts the rise and fall in __________ over time.
Output/GPD