Term
|
Definition
| Stands for Gross Domestic Product. Measures that amount of goods/services produced in a year within a country. Calculated by adding Consumption+Investment+Government Spending+Net Exports |
|
|
Term
|
Definition
| A mixed system of government and economics. It blends pure command and pure market ideas. |
|
|
Term
|
Definition
| Property that is for the use of all citizens. Examples include roads and parks |
|
|
Term
|
Definition
| The percent of the labor that is out of work and looking for work |
|
|
Term
|
Definition
| when inflation (price) goes up at a very high rate |
|
|
Term
|
Definition
| A measurement of inflation. Is the total of a market basket of goods/services that consumers typically buy. Compare year to year to see if prices change |
|
|
Term
|
Definition
| the way a country is connected. Roads and bridges, rails, airlines, telephone, electric, internet, etc. |
|
|
Term
|
Definition
| A graph that illustrates the ups and downs of the economy. Shows expansion, peak, contraction, trough |
|
|
Term
|
Definition
| a collection of common goods/services bought by consumers |
|
|
Term
|
Definition
| When prices increase as a result of increased production costs for a business. For example, if the price of cheese increases what has to happen to the price of pizzas if a pizza place wants to maintain profit? |
|
|
Term
|
Definition
| An increase in prices over time. |
|
|
Term
|
Definition
| The number of the population that falls below the poverty threshold that is set by the government |
|
|
Term
|
Definition
| unemployment that is "normal" and is a result of people voluntarily leaving their current job, looking for a new job, or being fired |
|
|
Term
|
Definition
| workers that have given up looking for work and are no longer included in the labor force |
|
|
Term
|
Definition
| how much it costs to live. Includes costs like rent, prices of food. Usually changes among different parts of the country. |
|
|
Term
|
Definition
| A government set dollar amount that determines if you are considered to be in poverty or not. Also called the poverty line |
|
|
Term
|
Definition
| How prices change from one time period to the next |
|
|
Term
|
Definition
| a visual representation that illustrates the potential of an economy |
|
|
Term
|
Definition
| the difference in how much the wealthiest make compared to how much the poorest make as a percentage of overall income |
|
|
Term
|
Definition
| a word in economics that means overall |
|
|
Term
|
Definition
| The key number used in calculating the unemployment rate. Take the total population and subtract: people under 16, people in the military, people who are in school full time, people who are not looking for work, people who are in jail, etc |
|
|
Term
|
Definition
| things that are provided by the government using tax dollars. Include roads, schools, libraries, parks, etc |
|
|
Term
|
Definition
| Increase in prices due to consumers wanting more stuff. Usually is a result of more money in the economy |
|
|
Term
|
Definition
| general decrease in prices over a certain time period |
|
|
Term
|
Definition
| property that is for your use only. No one else can use it for profit without paying. This property is not owned by the government |
|
|
