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