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Ch 12 & 13 Vocab
Review for your vocabulary test
| Question | Answer |
|---|---|
| GDP expressed in constant or unchanging prices | Real GDP |
| Unemployment that occurs when workers' skills do not match the jobs available | structural |
| Period of economic growth, increase in GDP | expansion |
| Decline in GDP combined with a rise in prices | stagflation |
| sustained drop in the price level | deflation |
| percentage rate of change in price level over time | inflation rate |
| Unemployment that occurs because of weather, harvest schedules, or vacations | seasonal |
| GDP measured in current prices | nominal GDP |
| Unemployment that occurs during economic downturns, such as a recession | cyclical |
| theory that inflation is caused by producers raising their prices to meet increased costs | cost push |
| general increase in prices | inflation |
| theory that too much money in the economy causes inflation | quantity theory |
| goods that last for a relatively long time | durable |
| goods used in the production of final goods | intermediate goods |
| period of economic decline marked by falling GDP | contraction |
| A price index determined by measuring the price of a market basket of a typical urban consumer | consumer price index |
| measurement that shows how the average price of a group of goods changes over time | price index |
| representative collection of goods and services | market basket |
| goods that last a short period of time | non durable |
| Unemployment that occurs when people take time to find another job or change jobs | frictional |
| inflation that is out of control | hyperinflation |
| Theory that inflation occurs when demand for goods exceeds existing supply | demand pull |
| income level below which income is insufficient to support a family | poverty threshold |
| the dollar value of all final goods produced within a country in a given year | gross domestic product |
| the total amount of goods and services in the economy available at all possible prices | aggregate supply |
| the amount of goods in the economy that will be purchased at all possible price levels | aggregate demand |
| how the nation's total income is distributed among its population | income distribution |
Created by:
lbeale
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