Great Depression Vocabulary

What is the Consumer Price Index?

• Total that all people in an economy spend in a year

• Average amount that a person spends in a year

• Measure of the average change over time in prices

What is deflation?

• A general decrease of prices

• A general increase of prices

• A loss of confidence in the economy

• Loss of jobs in an economy

What is inflation?

• A general decrease of prices

• A general increase of prices

• A loss of confidence in the economy

• Loss of jobs in an economy

What is an economic depression?

• a loss of 20% or more in the stock market value

• a period of severely declining economic activity

• an unemployment rate above 25%

• when you check your bank balance and get sad :(

What is Nominal Gross Domestic Product (GDP)?

• the market value of all final goods and services produced within a country in a year, at current price levels

• the production of all final goods and services within a country, adjusted for inflation

• the average amount each household spends in a year

What is Real Gross Domestic Product (GDP)?

• the market value of all final goods and services produced within a country in a year, at current price levels

• the production of all final goods and services within a country, adjusted for inflation

• the average amount each household spends in a year

What is the Unemployment Rate?

• growth in the job market

• average length of time a person is unemployed

• amount paid to someone collecting unemployment benefits

• percentage of the labor force who are unemployed