Unit 3 Vocabulary (Macroeconomics) JM -2022

Front

Total demand for all goods and services

Back

Aggregate demand

Front

Total supply of all goods and services

Back

Aggregate supply

Front

Ned is a typewriter repairman. As typewriters are being replaced by computers Ned finds less and less work. What kind of unemployment is Ned experiencing?

Back

structural unemployment

Front

Value of all goods and services produced within one year

Back

Real GDP

Front

If the federal government spends more than it collects in revenue, then ...

Back

it is running a deficit

Front

Number of unemployed people as percent of labor force

Back

Unemployment rate

Front

Caused by workers changing jobs

Back

Frictional unemployment

Front

Caused by a fundamental change in economy

Back

Structural unemployment

Front

Caused by changes in weather, holidays or the end of certain event periods

Back

Seasonal unemployment

Front

Rise in general level of prices

Back

Inflation