10A AT2 Vocabulary

Choose two accurate statements about GDP

• Gross Domestic Product

• Grand Domestic Product

• Includes inflation, government spending, exports and imports

• Includes consumption, government spending, exports and imports

The unemployment rate is.....

(Choose 2) Inflation is

• an increase in the level of prices of the goods and services that households buy.

• a decrease in the level of prices of the goods and services that households buy.

• when the dollar is worth less because goods are worth more

• when the dollar is worth more because goods are worth more

GDP .................. capture broader aspects of economic welfare of the nation’s population (e.g. population growth, volunteer efforts, economic stimulus)

Three Key Indicators of Economic Growth

• Unemployment Rate

• Inflation Rate

• Consumer Price Index (CPI)

• Gross Domestic Product (GDP)

Demand is.....

Unemployment rate includes

• People who volunteer

• People who are not employed and are not actively looking for work

• People who are not employed and are actively looking for work

• People who are employed

Full capacity means there is ........ person available for the job.

Spare capacity means there is ............ people available for the job

Inflation is the ........ in the price of goods. It is a measure over .....

An increase in wages (the amount people get paid) leads to ........