E&PF Unit 2 Vocabulary

A significant decline in general economic activity extending over a period of time

The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports

A general increase in prices and the fall in purchasing value of money.

How the federal government regulates how much money is in circulation

An inflation-adjusted measure that reflects the value of all goods and services produced by an economy

The ability of an individual or group to carry out a particular economic activity more efficiently than other activities

An official ban on trade or other commercial activities with a particular country

A measure of the average change in the prices paid by urban consumers for a market basket of goods and services

How a government taxes and spends money

Groups organized for purposes other than generating profit.

A severe and long-lasting economic downturn that is worse and deeper than a recession

The practice of reducing the size or quantity of a product while the price of the product remains the same

The value of goods produced, and services provided in a country during a year.

A tax or duty to be paid on a particular class of imports or exports.

A payment made by the government to support a business or market

An organized association of workers formed to protect and further their rights and interests

Consists of exchanges in stock shares and other financial securities of publicly held companies

Ongoing government policies taht automatically adjust tax rates and transfer payments to stabilize the economy

a measure of people who are jobless, actively seeking work, and available to take a job.

A limit on the quantity of a good that can come into a country

The fluctuating levels of economic activity in an economy over a period of time.

An annual measure of the economic output of a nation, that is adjusted to account for depreciation