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Unit Four Vocab

Economics And Personal Finance Unit Four Vocabulary

TermDefinition
Contraction The stage of the business cycle that sees a decrease in production, a decrease in prices and an increase in unemployment.
Structural Unemployment Unemployment that occurs when the available jobs do not match the skills of available workers.
Business Cycle The series of growing and shrinking periods of economic activity measured by increases or decreases in real GDP.
Exchange Rate It is represented by the value of one nation's currency relative to the currencies of other nations.
Comparative Advantage A country is said to have this when they are able to produce a product at a lower opportunity cost than other countries.
Gross Domestic Product The value of goods and services produced within a country's borders within a given time period (C+G+I+XN=?).
Fiscal Policy The use of taxes and government spending by congress to influence the money supply.
Embargo A trade barrier that prohibits all trade with another country, usually for political reasons.
Market Basket The value of commonly purchased items that is used to calculate the consumer price index.
Inflation A sustained increase in the general price level or a sustained fall in the purchasing power of money.
Cyclical Unemployment Unemployment caused by the part of the business cycle with decreased economic activity.
Unemployment Rate The percentage of the labor force that is jobless and actively looking for work.
Economic Growth An increase in the nation's real GDP.
Frictional Unemployment The temporary unemployment of workers moving from one job to another.
Expansion The part of the business cycle at the end of a trough that has increasing real GDP, increasing prices and decreasing unemployment.
Consumer Price Index A measure of the changes in the prices of goods and services that consumers commonly purchase.
Full Employment When the country has an unemployment rate between 4% and 6%, it is said to be at this.
Real GDP The gross domestic product adjusted for inflation.
Trade Barriers Any restrictions placed on international trade by a trading nation.
Peak The stage of the business cycle at the end of a expansion period.
Quota A specific quantity limit placed in imported goods from another country.
Expansionary Fiscal Policy The use of decreased taxes and increased spending to increase the money supply.
Seasonal Unemployment This occurs as a result of jobs that are available only during a specific time of the year.
Consumer Consumption The part of the GDP that is represented by the total amount of goods and services purchased by consumers.
Tariff A tax placed on imported goods from another country.
Net Exports The balance of the value of goods and services produced in this country and sold in another country and the values of goods and services imported from other countries.
Government Spending The part of the GDP that is represented by the value of goods and services purchased by the government.
Trough The stage of the business cycle that occurs at the end of a contraction.
Contractionary Fiscal Policy The use of increased taxes and decreased spending to decrease the money supply.
Business Investment The portion of the GDP that is represented by the expenditures of businesses to grow their businesses.
Created by: meg_powell_
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