Unit 3 Macroeconomics

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

A general increase in prices across an economy.

The percentage of a nations labor force that is unemployed.

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

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

Type of unemployment that occurs when people take time to find a job.

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

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

The use of government spending and revenue collection to influence the economy.

The actions the Federal Reserve System takes to influence the level of real GDP and the rate of inflation in the economy.

The buying and selling of government securities in order to alter the supply of money.

An economics system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.

Economic system that has some market based elements and some level of government involvement.

An economy in which production, investment, prices, and incomes are determined centrally by a government.