Unit 3 Vocab- AP Macro

_____ are goods and services purchased from other countries.

The increased costs of transactions caused by inflation.

A rising overall price level.

People who are currently without a job but are actively seeking one are called _____.

The total value of all final goods and services produced in an economy during a given year is called _____.

• Gross Domestic Product

• Net National Product

• Gross National Income

• Net Domestic Product

The total value of all final goods and services produced in the economy during a given year, calculated with the prices current in the year in which the output is produced is called _____.

Results when workers lack the skills required for the available jobs, or there are more people seeking jobs in the labor market than there are jobs available at the current wage rate is known as _____.

• Structural Unemployment

• Cyclical Unemployment

• Frictional Unemployment

• Seasonal Unemployment

The percentage increase in the overall level of prices per year is called _____.

The real costs of changing listed prices are known as _____.

The total value of all final goods and services produced in the economy during a given year, calculated using the prices of a selected base year in order to remove the effects of price changes is called _____.