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SAT Prep Vocab > Unit 4 > Flashcards

Unit 4 Flashcards

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SAT® Prep flashcards
1
Q

Market value

A

The price buyers are willing to pay for a good or service in a competitive market

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2
Q

Net exports

A

The value of all exports minus all imports

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3
Q

Intermediate goods

A

A good used in the production of a final good

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4
Q

Nominal GDP

A

A measure of a country’s economic output values in current dollars

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5
Q

Current dollars

A

The value of a dollar in the year it is spent

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6
Q

Final good

A

A new good that is ready for consumer use

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7
Q

Real GDP

A

A measure of a country’s economic output valued in constant dollars

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8
Q

Constant dollars

A

The value of a dollar fixed at q specified base year

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9
Q

Per capita GDP

A

Nation’s real GDP divided by the population

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10
Q

Informal economy

A

Sector of the economy that operates without government regulations or monitoring and is not officially recorded or taxed

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11
Q

literacy rate

A

The percentage of people in the country who can read and write

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12
Q

Life expectancy

A

The number of years on average that a person is expected to live

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13
Q

Infant mortality

A

The rate at which babies died during the first year of life

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14
Q

Unemployment rate

A

The percentage of the labor force that is not employed but is actively seeking work

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15
Q

Frictional unemployment

A

A type of unemployment that results when workers are seeking their first job or have left one job and are seeking another

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16
Q

Structural unemployment

A

What type of unemployment that results when the demand for certain skills the client, often because of changes in technology or increased foreign competition

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17
Q

Seasonal unemployment

A

A type of unemployment that results when businesses shut down or slow down for part of the year

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18
Q

Cyclical unemployment

A

A type of unemployment that results from a period of decline in the business cycle

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19
Q

Natural rate of unemployment

A

The percentage of the labor force without work when the economy is at full employment

20
Q

Discouraged workers

A

Unemployed workers who have ceased to look for work

21
Q

Involuntary part time workers

A

People who settled for part time employment because they’re unable to find full-time work

22
Q

Underground economy

A

A sector of the economy based on illegal activities

23
Q

Inflation rate

A

The percentage increase in the average price level of goods and services from one month or year to the next

24
Q

Price index

A

A measure of the average change in price of a type of good overtime

25
Q

Consumer price index

A

A measure of price changes in consumer goods and services overtime

26
Q

Cost-of-living index

A

A measure of change in the overall cost of goods and services

27
Q

Nominal cost of living

A

The cost incurred dollars of all the basic goods and services needed by the average consumer

28
Q

Real cost of living

A

The cost in constant dollars of all the basic goods and services needed by the average consumer

29
Q

Nominal wages

A

Wage levels based on current dollars

30
Q

Real wages

A

Wage levels based on constant dollars

31
Q

Creeping inflation

A

A gradual, steady rise in the price of goods and services overtime

32
Q

Deflation

A

A fall on the price of goods and services

33
Q

Deflationary spiral

A

A downward trend and prices, wages, and business activity

34
Q

Demand pull inflation

A

A rise in the price of goods and services caused by an increase in overall demand

35
Q

Cost pull inflation

A

A rise in the price of goods and services caused by increase in the cost of the factors of production

36
Q

Wage price spiral

A

An upward trend in wages and prices

37
Q

Business cycle

A

A recurring pattern of growth and decline in economic activity overtime

38
Q

Expansion

A

A period of economic growth

39
Q

Peak

A

The highest point of an expansion, or period of economic growth

40
Q

Contraction

A

A period of general economic decline marked by falling GDP and rising unemployment

41
Q

Trough

A

The lowest point of the contraction, or period of economic decline

42
Q

Leading economic indicators

A

Measures that consistently rise or fall several months before an expansion or contraction begins

43
Q

Lagging economic indicators

A

Measures that consistently rise or fall several months after an expansion or contraction begins

44
Q

Recession

A

A period of declining national economic activity

45
Q

Inventory

A

Merchandise the companies or stores have on hand

46
Q

Depression

A

A prolonged economic downturn characterized by plunging real GDP and extremely high unemployment

47
Q

GDP

A

The market value of all final goods and services produced within a country during a given period of time

SAT Prep Vocab (8 decks)

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