Vocab Quiz-Unit 2 Flashcards

1
Q

Aggregate Output

A

The economy’s total production of goods and services for a given time period

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2
Q

Business Cycle

A

alternation between recessions and expansions; fluctuations in aggregate output due to changes in aggregate and/ or aggregate demand

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3
Q

Expansion

A

Period of economic output and employment are rising

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4
Q

Recession

A

Period of economic downturn when output and employment are falling

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5
Q

Depression

A

A very deep and prolonged downturn

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6
Q

Employed

A

Currently working(part time or full-time)

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7
Q

Unemployed

A

Not currently working but actively looking for work( or waiting to be recalled from a temporary layoff)

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8
Q

Labor Force

A

Sum of employed and unemployed

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9
Q

Unemployment rate

A

The percent of the labor force that is unemployed

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10
Q

Aggregate price level

A

A measure of the overall level of prices in the economy

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11
Q

Inflation

A

A rising overall price level

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12
Q

Deflation

A

A falling overall price level; negative inflation

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13
Q

Disinflation

A

The process of bringing the inflation rate down

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14
Q

Price stability

A

When the aggregate price level is changing only very slowly

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15
Q

Economic Growth

A

An increase in the maximum amount of goods and services an economy can produce; a long-run idea

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16
Q

GDP

A

Total market value of all final goods and services produced in a country over a time period(typically a yr)