12 ECON Vocab 16 Word Scramble
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| Term | Definition |
| GDP gap | difference between the actual GDP and the potential GDP that could be produced if all resources were fully employed |
| monetarism | emphasis on the role of money and its: growth as a key to controlling inflation and unemployment |
| supply-side economics | policies to stimulate output and reduce unemployment by increasing production rather than demand |
| Keynesian economics | actions to lower unemployment by stimulating aggregate demand |
| automatic stabilizer | triggers benefits automatically when changes in the economy lower income |
| stagflation | period of stagnant growth combined with inflation |
| wage-price controls | regulations making it illegal for businesses to give workers raises or to raise prices without the explicit permission of the government |
| unemployment insurance | income provided for workers who lose their jobs through no fault of their own |
| fiscal policy | federal government's attempt to stabilize the economy through taxing and government spending |
| misery (discomfort) index | sum of monthly inflation |
| Laffer curve | hypothetical relationship between federal tax rates and tax revenues |
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