Fratrik Honors Econ Word Scramble
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| Term | Definition |
| gross domestic product (GDP) | the total value of all final goods and services produced in the economy during a given period, usually a year. |
| intermediate goods and services | goods and services, bought from one firm by another firm, that are inputs for production of final goods and services. |
| government transfers | payments by the government to individuals for which no good or service is provided in return. |
| GDP per capita | GDP divided by the size of the population; equivalent to the average GDP per person. |
| nominal GDP | the value of all final goods and services produced in the economy during a given year, calculated using the prices current in the year in which the output is produced. |
| real GDP | GDP corrected for changes in prices from year to year. |
| discouraged workers | nonworking people who are capable of working but have given up looking for a job due to the state of the job market. |
| labor force | the number of people who are either actively employed for pay or unemployed and actively looking for work; the sum of employment and unemployment. |
| labor force participation rate | the percentage of the population age 16 or older that is in the labor force. |
| unemployed | people who are actively looking for work but are not currently employed. |
| unemployment rate | the percentage of the total number of people in the labor force who are unemployed, calculated as unemployment/(unemployed + employment). |
| cyclical unemployment | unemployment resulting from the business cycle; equivalently, the difference between the actual rate of unemployment and the natural rate of unemployment. |
| frictional unemployment | unemployment due to time workers spend in job search. |
| structural unemployment | unemployment that results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate. |
| inflation rate | the annual percent change in a price index -typically the consumer price index. The inflation rate is positive when the aggregate price level is rising (inflation) and negative when the aggregate price level is falling (deflation). |
| consumer price index (CPI) | a measure of the cost of a market basket intended to represent the consumption of a typical urban American family of four. It is the most commonly used measure of prices in the United States. |
| Nonmarket Activity | Goods and services that people make or do for themselves, such as caring for children or mowing the lawn. |
| Underground economy | Market activities that go unreported because they are illegal or because those involved want to avoid taxation. |
| Business Cycle | The series of growing and shrinking periods of economic activity, measured by increases or decreases in real GDP. |
| Recession | A prolonged economic contraction lasting two or more quarters (six months or more). |
| Stagflation | Describes periods during which prices rise at the same time that there is a slowdown in business activity. |
| seasonal unemployment | Unemployment linked to seasonal work. |
| poverty | when total income is less than required to satisfy minimum needs. |
| poverty threshold | the income level below which income is insufficient to support a family or household. |
| poverty rate | The percentage of people living in households that have incomes below the poverty threshold. |
| income distribution | The way income is divided among people. |
| Lorenz Curve | A curve that shows the degree of income inequality in a nation. |
| welfare | Government economic and social programs that provide assistance to the needy. |
| workfare | A program that requires welfare recipients to do some kind of work. |
| hyperinflation | Rapid, uncontrolled rate of inflation in excess of 50 percent per month. |
| demand pull inflation | Results when total demand rises faster than the production of goods and services. |
| cost push inflation | Results when increases in the costs of production push up prices. |
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