Unit 6: Economic Measurements Vocabulary
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Social Studies
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12th Grade
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Medium
Wesley Hearne
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1 Slide • 25 Questions
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Multiple Choice
A period of rising economic activity and growth in GDP.
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Multiple Choice
Unemployment resulting from a mismatch between workers' skills and the available jobs, such as needing a medical degree to perform surgery.
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Multiple Choice
The average income of each person in a society, calculated by dividing the country's GDP by its population, reflecting the average standard of living.
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Multiple Choice
The highest point on a GDP model or chart; the highest point in the business cycle, marking the height of economic activity.
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Multiple Choice
Inflation that is out of control.
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Multiple Choice
The lowest point in the business cycle, representing the bottom of economic activity.
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Multiple Choice
A prolonged period of economic decline, defined as six months of negative GDP growth.
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Multiple Choice
The level of employment reached when there is no cyclical unemployment.(Usually between 4%-6%)
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Multiple Choice
Working at a job for which one is overqualified, or working part time when full-time work is desired.
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Multiple Choice
Any section of a line which shows a period of declining economic activity, characterized by a decrease in GDP lasting less than six months.
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Multiple Choice
The percentage rate of change in price level over time.
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Multiple Choice
The inflation-adjusted value of goods and services produced by labor and property located within the country, providing a more accurate economic measure over time.
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Multiple Choice
The total value of all goods and services produced and sold by a country in a year, indicating its overall economic wealth.
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Multiple Choice
An extended and severe period of economic decline, characterized by prolonged negative GDP.
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Multiple Choice
Unemployment rates that rise and fall with the business cycle, such as companies laying off workers during a market downturn.
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Multiple Choice
A decline in real GDP (output) combined with a rise in the price level (inflation).
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Multiple Choice
Unemployment that occurs when industries shut down for a season, such as Spirit Halloween workers losing their jobs in November.
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Multiple Choice
The value of all final goods and services produced at current market prices, without adjusting for inflation.
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Multiple Choice
The percentage of a nation’s labor force that is unemployed.
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Multiple Choice
Temporary unemployment occurring when people are searching for new jobs or transitioning between careers, like recent college graduates.
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Multiple Choice
The increase in prices of goods and services over time due to the decreasing value of money.
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Multiple Choice
A self-perpetuating cycle where rising wages lead to increased prices, which in turn leads to demands for higher wages.
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Multiple Choice
The lowest legal amount an employer can pay its workers.
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Multiple Choice
The natural fluctuation of the economy between periods of growth (expansion) and decline (contraction) in GDP, with stages including peak, trough, expansion, and contraction.
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Multiple Choice
A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
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