Economic indicators unit 3 test review

states that inflation occurs when prodcuers rasie prices to meet increased costs

Unemployment that occurs when workers skills do not match the jobs available

a graph that illustrates how income is distributed in a given economy

When the nations unemployment rate is approximently 4-6%

Unemployment that occurs when people choose to take time finding a job

Avergae of various stocks within the stock market

Measure of annual spending in an economy and its easiest way to compute GDP

A period of economic decline marked by falling real GDP

A prolonged economic contraction

calculates GDP by adding up what indivdiuals and businesses earn in a given year

the lowest point in an economic contraction when real GDP stops falling

The height of economic expansion indicated by high inflation and a leveling of GDP

a period of economic growth as measured by a rise in real GDP

A period of economic downturn that especially long and severe.

The annual income earned by the U.S owned firms and residents

A general increase in prices

GDP expressed in constant prices with inflation factored in

Unemployment that occurs as a result of harvest schedules, vacations or when industries slow or shut down for the season

An income level below which income is isnsufficient to support families or households.

stock market index showing the average of price changes of 500 different stocks

The average of all prices in the economy

a theory that inflation occurs when demand fro goods and serivces exceeedss existing supplies

umeployment that rises during economic downturns and falls when the economy improves

The economic status of thoes impacted most by inflation

A period of economic growth followed by a period of contraction

GDP measured in todays prices

the dollar value of all final good and services produced within a nation during a given year

Hows the nations total wealth is spread among its population

Goods used in the production of final goods not counted towards the GDP

A measure of thr price of a standard group of goods meant to represent the typical "market basket" of a typical consumer