ECON 5 - Infl. GDP Word Scramble
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| Term | Definition |
| Inflation | general rise in prices |
| Demand-pull inflation | in a growing economy, increasing demand can pull prices up |
| Cost-push inflation | when cost of production rises, prices tend to rise |
| Wage-Price spiral | self-perpetuating spiral of wages and prices increasing |
| Fixed income | an revenue that is set at a particular figure and does not change or rise with the rate of inflation |
| Stagflation | period of low or no economic growth combined with inflation |
| Deflation | no economic growth combined with devaluation of money |
| Unemployed | those available to work who don't have a job but have made a specific effort to find a job in the last month |
| Unemployment Rate | the number of people who do not have a job but are actively looking for one as a percentage of the labor force |
| Frictional Unemployment | workers who are between old job and new job |
| Structural Unemployment | a fundamental change in the economy has occurred which has resulted in job loss |
| Cyclical Unemployment | employment that follows the swings of the business cycle |
| Seasonal Unemployment | resulting from changes in weather or seasonal demand |
| Full employment | lowest possible rate with economy growing efficiently |
| Business Cycle | recurring ups and downs of the real GDP |
| Gross Domestic Product | the dollar amount of all final goods and services produced within a country’s borders in a given year |
| Contraction | period of decline in the economy as measured by changes in real GDP |
| Expansion | period of recovery from recession and continues until economy reaches a new peak |
| Peak | point where real GDP stops going up |
| Trough | turn around point where real GDP stops going down |
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ddenson80
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