GLE61 -- Inflation and Unemployment: Impact on Groups of People

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61. Describe the influence/impact of inflation or unemployment on different groups of people (e.g., consumers, business owners) (E-1C-M2)

business

We all live with the ups and downs of the ___ cycle.

market

We are all impacted by inflation and unemployment as we live through economic expansion and contraction in our ___-based economy.

inflation

Consumers lose purchasing power as ___ rises.

return

The only way to beat inflation is to invest your money in something that has a greater rate of ___ than the rate of inflation.

one

If the rate of inflation is three percent, and you have your money in a savings account at two percent interest, you lose ___ percent of the purchasing power of your money.

unemployment

Low ___ rates may force business owner to pay higher wages to hire employees.

consumers

The higher wages may fuel inflation as ___ have more money to spend.

prosperity

If inflation and unemployment are low, consumers will likely experience ___.

poverty

In an economy with deflation and high unemployment, consumers are more likely to experience ____.

down

Command economies are less cyclical in nature -- they tend to stay ___.

shortages

While command economies may have full employment the people must cope with ___ and a lack of political or economic freedom.

economy

If you don't like the ___ just wait, it will change.

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