Unit 3 Macroeconomics

Front

The total value of all final goods and services produced in a country in a given year.

Back

Gross Domestic Product

Front

A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical urban consumer.

Back

Consumer Price Index

Front

A general increase in prices across an economy.

Back

Inflation

Front

The percentage of a nation's labor force that is unemployed.

Back

Unemployment

Front

Type of unemployment that occurs as a result of harvest schedules, vacations, or when industries make seasonal shifts in their production schedules.

Back

Seasonal Unemployment

Front

Type of unemployment that occurs when workers skills do not match those needed for the jobs available.

Back

Structural Unemployment

Front

Type of unemployment that occurs when people take time to find a job.

Back

Frictional Unemployment

Front

Unemployment that rises during economic downturns and falls when the economy improves.

Back

Cyclical Unemployment

Front

A period of macroeconomic expansion or growth, followed by a period of contraction, or decline.

Back

Business Cycle

Front

The use of government spending and revenue collection to influence the economy.

Back

Fiscal Policy