Economics-- Unit 3 2022 FULL Vocabulary Review

the price of one country's currency expressed in terms of another country's currency

free trade agreements among countries in a region

unemployed because employers need their type of human capital during only one part of the year

laws passed/actions taken by government of a country with the intention of restricting the flow of goods and services

monetary value of any spending on final goods and services by local, state, or national government in a given period

part of the business cycle in which economic activity is slowing down

unemployed because their human capital does not match the needs of employers hiring in the labor market

monetary value of what households spend on final goods and services in the product market in a given time period

hurts lenders who lend at fixed rates - borrowers who borrow at fixed rates will benefit

value of GDP adjusted for inflation--more accurate

minimizing increases in the price level over time so that a country's money will retain its purchasing power over time

world's largest common market, composed of 28 European nations

measures the change in value of a basket of goods and services in the product market during a certain time

unemployment caused because people are graduating from high school or college, looking for better jobs or better pay

unrestricted flow of goods, services, and productive resources between countries

year that the Bureau of Labor Statistics has chosen to be the year of comparison

the number of unemployed people in the country divided by the number of people in the labor force & multiplying by 100

economic model showing how economic activity fluctuates (changes) over time

sum of consumer spending, investment spending, government spending, and net exports

lowest part of the business cycle in which the downward spiral of the economy levels off

agreement among the United States, Canada, and Mexico that allows for the free trade of many goods among the countries

part of the business cycle in which economic activity slowly increases

expansion of the economy to produce more goods, jobs, and wealth - entrepreneurs starting new businesses.

when virtually all who are willing and able to work have the opportunity to do so

equal to the percent change in a price index number such as the CPI

method of calculating a country's GDP

unemployment caused by a downturn in overall economic activity

the central bank of the United States - created to provide stability for U.S. financial system

value of a country's exports minus the value of a country's imports during a certain period

sustained increase in the price level in the economy over a period of time.

total amount of outstanding debt for the federal government

monetary value of final capital goods businesses buy in a given time, value of inventories produced, but not yet sold

part of the business cycle in which the nation's output (real GDP) does not grow for at least six months

major slowdown of economy: millions are out of work, many businesses fail, and the economy runs far below capacity

period of prosperity in a business cycle in which economic activity is at its highest point; boom