Economic Growth, Inflation & Unemployment

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

• Gross Domestic Product

• Consumer Price Index

• Inflation

• Unemployment

Economic growth measures the

• a) Growth of productivity

• b) Increase in nominal income

• c) Increase in national output

• d) None of the above

Economic growth can be measured by

• a)     The CPI
• b)     The CBI
• c)     GDP
• d)     MPC

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

• Customer Purchasing Index

• Consumer Price Index

• Consumer Policy Index

• Inflation

A sustained general increase in prices across an economy.

• Disinflation

• Consumer Price Index

• Deflation

• Inflation

The percentage of a nations labour force that is unemployed.

• Balance of Employment

• Balance of Payments

• Unemployment

• Employment

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

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

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

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

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

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

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

• Business Cycle

• Circular Flow

• Equilibrium

• GDP