Vocabulary List 10
Economics / Mr. Henry
Vocabulary List 10
Economics / Mr. Henry
Trend Line- growth path the economy would
follow if it were not interrupted by alternating
periods of recession and recovery
Trend Line- growth path the economy would
follow if it were not interrupted by alternating
periods of recession and recovery
Recession- decline in real GDP lasting at least
two quarters
Recession- decline in real GDP lasting at least
two quarters
Trough- point in time when real GDP stops
declining and begins to expand
Trough- point in time when real GDP stops
declining and begins to expand
Depression Scrip- currency issued by towns,
chambers of commerce, and other civic bodies
during the Great Depression of the 1930s
Depression Scrip- currency issued by towns,
chambers of commerce, and other civic bodies
during the Great Depression of the 1930s
Economic Model- mathematical expression used
to describe how the economy is expected to
perform in the future
Economic Model- mathematical expression used
to describe how the economy is expected to
perform in the future
Price Index- statistical series used to measure
changes in the price level over time
Price Index- statistical series used to measure
changes in the price level over time
Consumer Price Index- series used to measure
price changes for a representative sample of
frequently used consumer items
Consumer Price Index- series used to measure
price changes for a representative sample of
frequently used consumer items
Stagflation- period of slow economic growth
coupled with inflation
Stagflation- period of slow economic growth
coupled with inflation
Hyperinflation- inflation in excess of 500 percent
per year
Hyperinflation- inflation in excess of 500 percent
per year
Demand-Pull Inflation- explanation that prices
rise because all sectors of the economy try to buy
more goods and services than the economy can
produce
Demand-Pull Inflation- explanation that prices
rise because all sectors of the economy try to buy
more goods and services than the economy can
produce
Cost-Push Inflation- explanation that rising input
costs, especially energy and organized labor, drive
up the prices of products
Cost-Push Inflation- explanation that rising input
costs, especially energy and organized labor, drive
up the prices of products
Outsourcing- hiring outside firms to perform noncore operations to lower operating costs
Outsourcing- hiring outside firms to perform noncore operations to lower operating costs
Unemployment Rate-percentage of people in the
civilian labor force who are classified as
unemployed
Unemployment Rate-percentage of people in the
civilian labor force who are classified as
unemployed
Cyclical Unemployment- unemployment directly
related to swings in the business cycle
Cyclical Unemployment- unemployment directly
related to swings in the business cycle
Seasonal Unemployment- unemployment caused
by annual changes in the weather or other
conditions that reduce the demand for jobs
Seasonal Unemployment- unemployment caused
by annual changes in the weather or other
conditions that reduce the demand for jobs
Structural Unemployment- unemployment
caused by a fundamental change in the economy
that reduces the demand for some workers
Structural Unemployment- unemployment
caused by a fundamental change in the economy
that reduces the demand for some workers