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MILESTONE REVIEW

Macroeconomics

TermDefinition
Gross Domestic Product The monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.
Inflation An increase in the economy's general price level.
Consumer Price Index Measures inflation based on the cost of a "basket" of goods purchased by a typical family.
Unemployed Actively looking for a job.
Structural Unemployment This occurs because job seekers don't have the skills demanded.
Cyclical Unemployment This occurs because of jobs lost during the recession phase of the business cycle.
Frictional Unemployment This occurs when someone quits on job and is trying to find another job.
Aggregate Total amount
Recession A decline in total production lasting at least 6 months.
Depression A sharp reduction in the nation's total production lasting at least a year.
Monetary Policy The Federal Reserve's attempt to control the money supply in the economy.
Fiscal Policy The federal government's use of taxing and public spending to influence the economy.
Regressive Tax Sales Tax
Progressive Tax Income Tax
Proportional Tax Flat Tax
Created by: lbarwick
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