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History > Unit 4 Key Terms Part 3 > Flashcards

Unit 4 Key Terms Part 3 Flashcards

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1
Q

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

A

Gross Domestic Product

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2
Q

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

A

Market Value

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3
Q

any new good that is ready for consumer use; final goods are included in the calculation of GDP

A

Final Good

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4
Q

a good used in the production of a final good; intermediate goods are not included in the calculation of GDP

A

Intermediate Goods

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5
Q

the value of all exports minus all imports

A

Net Export

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6
Q

a measure of a country’s economic output (GDP) valued in current dollars; nominal GDP does not reflect the effects of inflation

A

Nominal GDP

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7
Q

the value of a dollar in the year it is spent; a measure of the dollar’s value that reflects current purchasing power, without taking inflation into account

A

Current Dollars

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8
Q

a measure of a country’s economic output (GDP) valued in constant dollars; real GDP reflects the effects of inflation

A

Real GDP

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9
Q

the value of the dollar fixed at a specified base year; a measure of the dollar’s value adjusted for inflation to reflect purchasing power over time

A

Constant Dollars

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10
Q

a nation’s real GDP divided by its population; a measure of average economic output per person

A

Per Capita GDP

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11
Q

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

A

Literacy Rate

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12
Q

the number of years, on average, that a person is expected to live; a key indicator of a nation’s health and well-being

A

Life Expectancy

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13
Q

the rate at which babies die during their first year of life; a key indicator of a nation’s health and well-being

A

Infant Mortality

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14
Q

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

A

Unemployment Rate

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15
Q

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

A

Frictional Unemployment

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16
Q

a type of unemployment that results when the demand for certain skills declines, often because of changes in technology or increased foreign competition; under such conditions, workers may need retraining to find new jobs

A

Structural Unemployment

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17
Q

a type of unemployment that results when businesses shut down or slow down for part of the year, often because of weather

A

Seasonal Unemployment

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18
Q

a type of unemployment that results from a period of decline in the business cycle; unemployment caused by a contraction

A

Cyclical Unemployment

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19
Q

the percentage of the labor force without work when the economy is at full employment; a condition in which the economy is strong and there is no cyclical unemployment

A

Natural Rate of Unemployment

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20
Q

unemployed workers who have ceased to look for work; discouraged workers are not considered part of the labor force and are not factored into the unemployment rate

A

Discouraged Workers

21
Q

people who settle for part-time employment because they are unable to find full-time work

A

Involuntary Part-Time Workers

22
Q

a sector of the economy based on illegal activities, such as drug dealing and unlawful gambling

A

Underground Economy

23
Q

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

A

Inflation Rate

24
Q

a measure of the average change in price of a type of good over time

A

Price Index

25
Q

a measure of price changes in consumer goods and services over time; the CPI shows changes in the cost of living from year to year

A

Consumer Price Index

26
Q

a measure of change in the overall cost of goods and services; another term for the consumer price index

A

Cost-of-Living Index

27
Q

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

A

Nominal Cost of Living

28
Q

the cost in constant dollars of all the basic goods and services needed by the average consumer; the nominal cost of living adjusted for inflation

A

Real Cost of Living

29
Q

wage levels based on current dollars

A

Nominal Wages

30
Q

wage levels based on constant dollars; nominal wages adjusted for inflation

A

Real Wages

31
Q

a gradual, steady rise in the price of goods and services over time

A

Creeping Inflation

32
Q

a fall in the price of goods and services; the opposite of inflation

A

Deflation

33
Q

a downward trend in prices, wages, and business activity; a deflationary pattern in which falling prices cause a business slow-down, which in turn leads to lower wages, a further fall in prices, and even less business activity

A

Deflationary Spiral

34
Q

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

A

Demand-Pull Inflation

35
Q

a recurring pattern of growth and decline in economic activity over time

A

Business Cycle

36
Q

a period of economic growth

A

Expansion

37
Q

the highest point of an expansion, or period of economic growth; a peak is followed by economic decline

A

Peak

38
Q

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

A

Contraction

39
Q

the lowest point of a contraction, or period of economic decline; a trough is followed by economic growth

A

Trough

40
Q

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

A

Leading Economic Indicators

41
Q

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

A

Lagging Economic Indicators

42
Q

a period of declining national economic activity, usually measured as a decrease in GDP for at least two consecutive quarters (six months)

A

Recession

43
Q

merchandise that companies or stores have on hand

A

Inventory

44
Q

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

A

Depression

45
Q

a sector of the economy that operates without government regulation or monitoring and is not officially recorded or taxed; the informal economy is not included in the calculation of GDP

A

Informal Economy

46
Q

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

A

Demand-Pull Inflation

47
Q

an upward trend in wages and prices; an inflationary pattern in which rising prices lead to demands for higher wages, causing producers to raise prices further and workers to demand additional wage hikes

A

Wage-Price Spiral

48
Q

a rise in the price of goods and services caused by increases in the cost of the factors of production

A

Cost-Push Inflation

History (9 decks)

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