Vocabulary

theories, principles and models which deal with production, distribution and consumption of goods and services

• Peak

• Economics

• Producer Price Index (PPI

• Unemployment Rate

goods that are not necessary

• Imports

• Exports

• Expansion

• Discretionary goods

measure of a country’s output of goods and services within its borders

• Gross Domestic Product (GDP)

• Gross National Income (GNI)

• Gross National Product (GNP

• Consumer Price Index (CPI

money or an item with money value

• Contraction

• Recession

• Monetary

• Discretionary goods

measure of total monetary value of the total output produced by a country’s residents

• Economics

• Gross Domestic Product (GDP)

• Gross National Product (GNP

• Gross National Income (GNI)

tax on imports

• Imports

• Exports

• Tariff

• Expansion

measurement of a country’s income; includes income earned by country’s residents and businesses

• Producer Price Index (PPI)

• Rate of Inflation

• Gross National Income (GNI)-

• Rate of Inflation

goods and services sold to other countries

• Imports

• Expansion

• Exports

• Trough

measure of change in the value of a currency; rate of rising prices in a country

• Consumer Price Index

• Unemployment Rate

• Rate of Inflation

• Expansion

measure of the change in the prices of consumer goods; used to measure inflation; also known as cost-of-living index

• Gross National Income (GNI)

• 
  Consumer Price Index (CPI)

• Gross National Product (GNP)

• Gross Domestic Product (GDP)