ECO Topic 7 Vocab Word Scramble
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| Term | Definition |
| 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 |
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cwarsing
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