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Ch 12 & 13 Vocab

Review for your vocabulary test

QuestionAnswer
GDP expressed in constant or unchanging prices Real GDP
Unemployment that occurs when workers' skills do not match the jobs available structural
Period of economic growth, increase in GDP expansion
Decline in GDP combined with a rise in prices stagflation
sustained drop in the price level deflation
percentage rate of change in price level over time inflation rate
Unemployment that occurs because of weather, harvest schedules, or vacations seasonal
GDP measured in current prices nominal GDP
Unemployment that occurs during economic downturns, such as a recession cyclical
theory that inflation is caused by producers raising their prices to meet increased costs cost push
general increase in prices inflation
theory that too much money in the economy causes inflation quantity theory
goods that last for a relatively long time durable
goods used in the production of final goods intermediate goods
period of economic decline marked by falling GDP contraction
A price index determined by measuring the price of a market basket of a typical urban consumer consumer price index
measurement that shows how the average price of a group of goods changes over time price index
representative collection of goods and services market basket
goods that last a short period of time non durable
Unemployment that occurs when people take time to find another job or change jobs frictional
inflation that is out of control hyperinflation
Theory that inflation occurs when demand for goods exceeds existing supply demand pull
income level below which income is insufficient to support a family poverty threshold
the dollar value of all final goods produced within a country in a given year gross domestic product
the total amount of goods and services in the economy available at all possible prices aggregate supply
the amount of goods in the economy that will be purchased at all possible price levels aggregate demand
how the nation's total income is distributed among its population income distribution
Created by: lbeale
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