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ECO Topic 7 Vocab

ECO Topic 7 Vocab Lessons 1,2,4,6 Pearson Realize

TermDefinition
Gross Domestic Product The dollar value of all final goods and services produced within a country’s borders in a given year
Intermediate Goods Products used in the production of final goods
Durable Goods Those goods that last for a relatively long time, such as refrigerators, cars, and DVD players
Nondurable Good Good – Those goods that last a short period of time, such as food, light bulbs, and sneakers
Nominal DGP GDP measured in current prices
Gross National Product The annual income earned by a nation’s firms and citizens
Depreciation The loss of the value of capital equipment that results from normal wear and tear; A decrease in the value of currency
Aggregate Supply The total amount of goods and services in the economy available at all possible price levels
Aggregate Demand The amount of goods and services in the economy that will be purchased at all possible price levels
Real GDP GDP expressed in constant, or unchanging, prices
Business Cycles A period of macroeconomic expansion, or growth, followed by one of contraction, or decline
Expansion A period of economic growth as measured by a rise in real GDP
Economic Growth A steady, long-term increase in real GDP
Peak The height of an economic expansion, when real GDP stops rising
Contraction A period of economic decline marked by falling real GDP
Trough The lowest point of an economic contraction, when real GDP stops falling
Recession A prolonged economic contraction
Depression A prolonged economic contraction
Stagflation A decline in real GDP combined with a rise in the price level
Leading Indicators A set of key economic variables that economists use to predict future trends in a business cycle
Frictional Unemployment Type of unemployment that occurs when people take time to find a job
Structural Unemployment Type of unemployment that occurs when workers’ skills do not match those needed for the jobs available
Globalization The increasingly tight interconnection of producers, consumers, and financial systems around the world
Seasonal Unemployment Type of unemployment that occurs as a result of harvest schedules, vacations, or when industries make seasonal shifts in their production schedule
Cyclical Unemployment Unemployment that rises during economic downturns and falls when the economy improves
Unemployment Rate Unemployment that rises during economic downturns and falls when the economy improves
Full Employment The level of employment reached when there is no cyclical unemployment
Underemployed Working at a job for which one is overqualified or working part-time when full-time work is desired
Discouraged Worker Someone who wants a job but has given up looking
Poverty Threshold An income level below that which is needed to support families and households
Poverty Rate The percentage of people who live in households with incomes below the official poverty line
Income Distribution The way in which a nation’s total income is distributed among its population
Food Stamp Program Government program that helps low income people buy food
Block Grants Federal funds given to the states in lump sums
Workfare A program requiring work in exchange for temporary government assistance
Welfare Government aid to the poor
Cash Transfers Direct payments of money by the government to poor, disabled, and retired people
Grant A financial award given by a government agency to a private individual or group in order to carry out a specific task
Created by: cwarsing