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Macroeconomics unit4
Unit 2 Math 6th grade
| Term | Definition |
|---|---|
| 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
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