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Macroeconomics unit4

Unit 2 Math 6th grade

TermDefinition
During a recession, unemployment will _____________ while real GDP ____________ Increase , decrease
Stagflation occurs when the Consumer Price Index __________ while real GDP _____________ Raises, Falls
The total number of goods supplied in an economy is referred to as ____________ ___________ Aggregated Supply
The total number of goods demanded in an economy is referred to as _______ ________ Aggregate Demand
The final value of all goods and services produced in a year is referred to as ____________ . This is used to measure a country's __________ Gdp , growth
The _______ ______ ______ measures the average prices of gooda and services Consumer price index
The expenditure metbod to calculate GDP involves adding ___________ ________ plus ________ plus _______ _______ and _____ ______ _____ _____ Consumer spending , investment , government spending, and export-import ( net-exports )
Unemployment as a result of falling GDP/two quarters of losses is ____________ Cyclical
Unemployment as a result of falling GDP/two quarters of losses is __________ Cyclical
Unemployment as a result of skills no longer being needed is _____________ Structural
A peak is the ___________ part of the business cycle Top
An expansion is when the economy is ___________ Growing
When the economy is in a contraction, GDP is _______ and _________ unemployment is _______ Decreasing, cyclical, and increasing
The economy is expanding when production and use of resources _________ Increases
A _________ _______ describes the period of time in an economy when it is shrinking, spending is low, and unemployment is rising Downturn depression
A recession last at least _________ months, and a depression is a more severe _________ 6 and recession
If the government wants to get out of a recession, they can __________ taxes or __________ spending Lower, increase
If GDP is rising, unemployment is falling, and price levels are rising the economy is in an ________ Upturn
Debt accumulated over all time is referred to as _________ ________ while debt over one year is a ___________ __________ National debt and budget deficit
The USA's budget for the year is $24 billion. The government spends $50 million a year. The US has a ______________ of ____________ Deficit and 26 billion
The division of the Federal Reserve Bank include ____ , _______ and ___________ FOMC , board of governors, and 12 regional banks
The ___________________ makes decisions for the FED Board of governors
The ______ controls the money supply to stabilize inflation FED
If the FED lowers interest rates, people will ______________ causing Aggregate Demand to ___________ Borrow more , increase
An increase in the average price goods and services is __________ Inflation
A decrease in the average price of goods and services is ____________ Deflation
The _______ is the central bank in the US that uses ________________ policy to wer interests rates and lends money to private bank FED , monetary
With the consumer price indez, you compare one year's _____________ to the next year's Market basket
When the FED buys and sells government bonds, this is referred to as _________ Open market operations
_______ policy describes what the government can do with ________ and _________ Fiscal , taxes , government spending
If the government wants to expand the economy or fight low GDP they will__________ taxes or _____ spending Lower , increase
If inflation is high, the government will _________ taxes or ________ spending Increase and decrease
To fight inflation, the fed might _________ discount rates, _______ reserve requirements, and _______ governed bonds Raise, raise, sell
A budget deficit occurs when government spending is ______ than government tax revenue More
A budget surplus occurs when government spending is ________ than government tax revenue Less
. Buying the bonds will _____________ Aggregate Demand while selling them will _________ Aggregate Demand. Buying will _________ the economy while selling will _______ the economy Increase, decrease and raise
Created by: llindley