Unit 5 Vocabulary Review

Front

Inflation

Back

a general rise in the price of consumer goods

Front

Financial Asset

Back

Any resource of value that can be converted to cash

Front

Price Level

Back

The average level of prices in the economy at a specific point in time, typically measured with indices such as the CPI or GDP deflator.

Front

Liquidity

Back

how easily an asset can be converted to cash.

Front

Recession

Back

a significant decline in economic activity across the economy that lasts for an extended period.

Front

National Debt

Back

the total amount of money a country's government has borrowed and not yet repaid.

Front

Fiscal Policy

Back

the use of government spending and taxation to influence the economy.

Front

Multipliers

Back

a concept explaining that an initial change in spending or taxes leads to larger changes in aggregate demand and GDP

Front

Gross Domestic Product (GDP)

Back

the total monetary value of all finished goods and services produced within a country's borders over a specific period (often a year or quarter).

Front

Surplus

Back

an excess amount of an asset or resource that is more than what is needed or used.