econ vocab quiz 1 test 4

a price index determined by measuring the price of a standard group of good meant to represent the "market basket" of typical urban consumer

• consumer price index

• gross domestic product

• aggregate command

• structural unemployment

the total value of all final goods and services produced in a country in a given year

• gross domestic product

• recession

• business cycle

• real GDP

a prolonged economic contraction

• recession

• real GDP

• inflation

• trough

the percentage of a nation's labor force that is unemployed

• unemployment rate

• frictional unemployment

• cyclical unemployment

• structural unemployment

type of unemployment that occurs when workers' skills do not match those needed for the jobs available

• structural unemployment

• unemployment rate

• frictional unemployment

• cyclical unemployment

GDP prices measured in current prices

• nominal GDP

• gross domestic product

• real GDP

• contraction

the amount of goods and services in the economy that will be purchased at all possible price levels

• aggregate demand

• demand pull inflation

• recession

• cost push inflation

type of unemployment that occurs when people take time to find a job

• frictional unemployment

• structural unemployment

• cyclical unemployment

• unemployment rate

cost of resources causes them product to rise the price to ensure he/she will make a profit

• cost push inflation

• inflation

• recession

• demand pull inflation

the lowest point in an economic contraction

• trough

• business cycle

• contraction

• expansion