Ch. 13 Economic Challenges

When people are in between jobs or returning to the work force after a period of time.

a general increase in prices is called

A measurement that shows how the average price of a standard group of goods changes over time

a representative collection of goods and services used by a typical urban consumer

the idea that too much money in the economy leads to inflation.

says that inflation occurs when producers raise prices in order to meet increased costs for labor and raw materials

the way income is distributed among the population, is equal.

the income level below that which is needed to support a household or family

low-employment areas where companies can locate free of certain taxes

cyclical unemployment:

when the demand for goods and services drops