Chp. 6 Econ Word Scramble
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| Term | Definition |
| 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 |
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