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Chp. 6 Econ

PASS: The American Economy

TermDefinition
comparative advantage an ability to produce a good more efficiently than others
consumer price index (CPI) a measure of the price changes in consumer goods and services used to identify changes in the cost of living
cyclical unemployment loss of jobs caused by periodic decreases in the growth of business
depression a prolonged downturn in the economy, characterized by high unemployment and widespread loss of income
disposable personal income the amount of income that households have to spend or save after payment of personal taxes; net personal income
exports goods and services produced in one country and sold to other countries
frictional unemployment temporary loss of jobs caused by the changing of seasons and shifting of employees to new jobs
gross personal income (GPI) the amount of money earned by all individuals in a country in one year
imports goods and services bought by one country from another
inflation a sustained increase in the average price of goods and services resulting in a loss of the purchasing power of money
interdependence in economics, the notion that people and countries throughout the world need the goods produced by other people and countries
international trade trade between countries
prosperity a period of economic growth; a general increase in the demand for goods and services
structural unemployment loss of jobs caused by a shift in the way work is done, leaving some individuals without the skills necessary for available jobs
tariff a tax placed on imported goods
Created by: pinetreeacademy
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