Unit Four Vocab Word Scramble
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| Term | Definition |
| 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. |
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