GDP/Unemployment Circular Flow

Front

What does GDP measure?

Back

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

Front

What does the unemployment rate measure?

Back

The portion of people in the workforce who don't have jobs but are looking for one.

Front

What is cyclical unemployment?

Back

Unemployment that rises during economic downturns.

Front

What type of unemployment occurs when a person's skills don't match the jobs available?

Back

Structural Unemployment

Front

What type of unemployment occurs when a person is retired or raising children full time?

Back

Neither employed or unemployed

Front

What type of unemployment occurs when a person has stopped looking for employment out of frustration?

Back

Discouraged

Front

What type of unemployment occurs when a person's skills aren't needed at that time of year?

Back

Seasonal Unemployment

Front

What type of unemployment occurs when people are switching jobs or entering the workforce?

Back

Frictional Unemployment

Front

What do businesses provide for consumers according to the circular flow model?

Back

goods and services

Front

When NUFC pays income taxes, what two parts of the circular flow model are involved?

Back

businesses and government