Shared Flashcard Set

Details

Unit 5
Nogales High School
20
Economics
Not Applicable
11/18/2013

Additional Economics Flashcards

 


 

Cards

Term
Purchasing Power
Definition
The ability to purchase goods and services
Term
Stagflation
Definition
A declinr in real GDP combined with a rise in the price level
Term
Poverty Threshold
Definition
the income level below which income is insifficient to support a family or household
Term
Business Cycle
Definition
A period of macro economic expansion followed by a period of contraction
Term
Contraction
Definition
A period of economic decline marked by falling GDP
Term
Hyperinflation
Definition
Inflation that is out of control
Term
underemployment
Definition
working at a job for which one is overqualified, working part-time when full-time work is desired
Term
deflation
Definition
a sustained drop in the price level
Term
recession
Definition
a prolonged economic contraction
Term
workfare
Definition

A program requiring work in exchange for temporary asistance 

 

Term
Discouraged Workers
Definition
A person who wants a job but has given up looking
Term
Seasonal Unemployment
Definition
Unemployment that occurs as a result of harvest scheduals or vacations or when industries slow or shut down for aseason
Term
Capital Deepening
Definition
process of increasing the amout of capital per worker
Term
cyclical Unemployment
Definition
unemployment rate that rises during economic downturns and falls when the economy improves
Term
Depression
Definition
A recession that is especially long and severe
Term
Gnp
Definition
The annual income earned by U.S. owned firms and
Term
Peak
Definition
The height of an economic expansion, when real GDP stops rising
Term
Expansion
Definition
Period of economic growth as measured by a rise in real GDP
Term
Trough
Definition
the lowest point in an economic contrction, whrn real GDP stops falling
Term
GDP
Definition
Dollar value of all final goods and services produced within s country's borders in a given year
Supporting users have an ad free experience!