Economics: G, I, & L Word Scramble
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| Term | Definition |
| Limitations on GDP as a Measure of Economic Growth | Not timely, population, and underground economy. |
| Underground Economy | "Under the table work", unpaid work. and illegal activity. |
| GDP Per Capita | Amount GDP per-person |
| Decline of Middle Class Wages | When people earn less they are less inclined to spend, slowing economic growth. |
| Personal Effects of Unemployment | Familial stress, inability to have kids, can't travel, etc. |
| Components of Real GDP | Adjusted for inflation. |
| Components of Nominal GDP | Current dollars. |
| Multiplier Effect | Spending money leads to economic growth. |
| 2/3 | Portion of GDP created by consumer spending. |
| Savings Important in Economy | Makes money available to people and businesses to borrow and spend, |
| Work Force Requirements | 16+, have or searching for a job, and paid for their work. |
| Derived Demand for Labor | Demand for workers from demand for product. |
| Economic Impact of Unemployment | Less money being distributed and cycled through the economy. |
| Disposable Income | Amount of money available to save and spend. |
| Frictional Unemployment | Normal unemployment with daily fluctuations. |
| Cyclical Unemployment | From market expansions and contraction. |
| Structural Unemployment | Out with the old and in with the new. |
| Poverty threshold for a family of four is: | Totally unrealistic. |
| Allows for Advancement | Economic growth and development. |
| In favor of raising minimum wage: | - Can't logically support a person. - Doesn't inflate at the same rate as everything else. |
| Against raising the minimum wage: | - Leads to outsorucing. - Leads to mechanization. |
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amgraf2015
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