Economics Ch. 14 Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Question | Answer |
| Business Cycle | Changes in real GDP marked by periods of expansion |
| Business Fluctuation | The rise and fall of real GDP over time in a nonsystamtic manner. |
| Recession | 1st phase during which real GDP declines 2 quarters in a row, or 6 months |
| Peak | Point where real GDP stops going up |
| Through | Turnaround point where GDP stops going down |
| Expansion | A Period of recovery from a recession |
| Trend Line | A growth path the economy would follow if it were not interrupted by alternating periods of recession and recovery |
| Depression | A state of the economy with large numbers of people out of work, acute shortages, and excess capacity in manufacturing plants. |
| Depression Scrip | Currency issued by towns, chambers of commerce, and other civic bodies during the Great Depression of the 1930s |
| Ecometric Model | A macroeconomic model that uses algebraic equations to describe how the economy behaves |
| Index Of Leading Indicators | A monthly statistical series that usually turns down before real GDP turns down, and turns up before GDP turns up. |
| Unemployed | People available for work who made a specific effort to find a job during the past month and who, during the most recent survey week, worked less than one hour for pay or profit. |
| Unemployment Rate | The number of unemployed individuals divided by the total number of persons in the civilian labor force. |
| Frictional Unemployment | Unemployment caused by workers who are between jobs for one reason or another. |
| Structural Unemployment | Unemployment that occurs when fundamental change in the operations of the economy reduces the demand for workers and their skills. |
| Cynical Unemployment | Unemployment directly related to swings in the business cycle. |
| Seasonal Unemployment | Unemployment resulting from changes in the weather or changes in demand for a certain products |
| Technological Unemployment | When workers with less skill, talent, or education are replaced by machines |
| Automation | Production with mechanical or other processes that reduce the need for workers |
| Price Level | Relative magnitude of prices at one point in time |
| Deflation | A decrease in the general price level |
| Creeping Inflation | Inflation in the range of 1 to 3 per year |
| Galloping inflation | A more intense form of inflation that can go as high as 100 ti 300 percent |
| Hyper Inflation | Inflation in the range of 500 percent a year and above. |
| Lorenz Curve | A curve that shows how much the actual distribution of income varies form and equal distribution |
| Poverty Guidelines | Annual dollar amounts used to evaluate the money income that families and unrelated individuals receive |
| Welfare | Economic and social programs that provide regular assistance from the government or private agencies |
| Food Stamps | Government issued coupons that can be redeemed for food. |
| Earned Income tax Credit | Provides federal tax credits and sometimes cash to low-income workers |
| Enterprise Zones | Areas where companies can locate free of some some local state, and federal tax laws and other operating restrictions |
| Workfare | A program that requires welfare recipients to exchange some of their labor for benifits |
| Negative Income Tax | A proposed type of tax that would make cash payments to certain groups below poverty line. |
| What are the 2 main phases of the business cycle? | Recession- where GDP decline Expansion- where it recovers from recession |
Created by:
jessicag
Popular Economics sets