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Macroeconomics Vocabulary #2
Terms in this set (40)
The amount of goods and services in the economy that will be purchased at all possible price levels.
The total amount of goods and services in the economy available at all possible price levels.
A period of macro-economic expansion followed by a period of contraction.
Consumer Price Index
A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical urban consumer.
A period of economic decline market by a falling real GDP.
Fiscal policies, like tax hikes, that reduce economic growth.
Unemployment that rises during economic downturns and falls when the economy improves.
A recession that is especially long and severe.
Rate the federal reserve charges for loans to commercial banks.
A person who wants a job but has given up looking.
Spending category about which government planners can make choices.
Social welfare program that people are eligible for if they meet certain requirements.
A period of economic growth as measured by a rise in real GDP.
Fiscal policies, like tax cuts, that encourage economic growth.
The use of government spending and revenue collection to influence the economy.
Unemployment that occurs when people take time to find a job.
The level of employment reached when there is no cyclical unemployment.
The amount of money the government owes in one year.
Gross Domestic Product
The dollar value of all final goods and services produced within a country's borders in a given year.
Very high inflation that is out of control.
A general increase in prices.
Goods used in the production of final goods.
Key economic variables that economists use to predict a new phase of a business cycle.
Spending on certain programs that are mandated by existing law.
The actions the federal reserve takes to influence the level of real GDP and the rate of inflation in the economy.
The total amount of money that the government owes for all years combined.
GDP measured in current prices.
Open Market Operations
The buying and selling of government securities to alter the supply of money.
The height of an economic expansion, when real GDP stops rising.
A tax for which the percentage of income paid in taxes increases as income increases.
A Tax for which the percentage of income paid in taxes remains the same for all income levels.
GDP expressed in constant, unchanging prices.
A prolonged economic contraction.
A Tax for which the percentage of income paid in taxes decreases and income increases.
Required Reserve Ratio
Amount of reserves to deposits required of banks by the federal reserve.
A decline in real GDP combined with a rise in price levels.
Unemployment that occurs when workers' skills do not match the jobs that are available.
The lowest point in an economic contraction, when real GDP stops falling.
Working at a job for which one is overqualified, or working part-time when full-time work is desired.
The percentage of the nation's labor force that is unemployed.
THIS SET IS OFTEN IN FOLDERS WITH...
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