The dollar value of all final goods and services produced within a countries borders in a given year
- intermediate goods
Inflation- the percentage rate of change in price level over time. C.
Trough- bottomed out economy. C.
Depreciation- loss of value due to wear and tear. C.
Saving: income not used for consumption
Unemployment Rate: percentage of the nations labor force that's unemployed
Consumer Product Index: an economic market basket that measures the price of goods
Peak: when the GDP stops rising
Frictional- when people take time to find a job, get laid off, or quit to find another job
Contraction-a period of economic decline marked by falling GDP
Seasonal unemployment- unemployment that occurrs as a result of harvest schedules, vacations, or when seasonal shifts in their production schedule
Durable good- a good that last relatively long time
Non-durable good- goods that last a short time.
Cyclical unemployment- the great depression
16.What is it when income does not increase even when prices go up? Fixed income
17. A period of economic growth as measured by a rise in real GDP is called what? Expansion
18. Working at a job for which they are over qualified, or working part when they deserve full time work? Under Employed
10.What is Structural unemployment? Type of unemployment that occurs when workers' skills do not match those needed for the jobs available.