Primary Measures Of Economic Activity

Question 0

Consumer price index

Answer 0

Monthly statistic that measures changes in prices of a representative collective of consumer goods and services

Question 1

Economic indicators

Answer 1

Statistics that measure the performance of the economy

Question 2

Unemployment

Answer 2

Portion of the labor force (over 16) who is currently without a job and looking for one

Question 3

Gross domestic product

Answer 3

Value of all the final goods and services produced by businesses located within a nations borders
Excludes outputs from overseas operations of domestic products

Question 4

Frictional unemployment

Answer 4

Natural flow of workers into and out of jobs such as when a person leaves one job without lining up a new job

Question 5

Structural unemployment

Answer 5

Workers can’t find jobs that match their qualifications and employers can’t find employees with the skills their job openings require

Question 6

Cyclical unemployment

Answer 6

When demand for goods and services drops, businesses reduce production, thereby requiring fewer workers
Caused by economic fluctuations

Question 7

Seasonal unemployment

Answer 7

Predictable fluctuations in the need for workers in industries with seasonal fluctuations in customer demand