study of the economy as a whole(national, global)

Gross DomesticProduct

the dollar amount of all final goods and services

produced within a country's borders in a year.

economic growthincrease in the total output of an economy. occurs

when a society acquires new resources or when it

learns to produce more using existing resources

people looking for work, but whoare without jobs.

Consumer Price Indexmeasure of change in price over time of a specific

group of goods and services used by average

household

Quizlet › Printing flashcards of Macroeconomics http://quizlet.com/634165/flashcards/

1 of 4 2/28/2011 10:16 PM

a rise in the general level of prices.

a period of slow economic growth and high

unemployment, while prices rise (inflation)

aggregate supply total supply or output of goods andservices in an economy

aggregate demand total demand for goods and servicesin an economy

Quizlet › Printing flashcards of Macroeconomics http://quizlet.com/634165/flashcards/

2 of 4 2/28/2011 10:16 PM

structuralunemployment

umemployment that occurs when workers' skills do

not match the jobs that are available

frictionalunemployment

unemployment caused by peoplechanging jobs

cyclical unemployment This refers to those persons that have become

unemployed due to a downturn in the business cycle.

The movement of the economy from one condition to

another and back again (shows ups and downs of the

economy)

Two or more consecutive quarters ofdecline in GDP

Quizlet › Printing flashcards of Macroeconomics http://quizlet.com/634165/flashcards/

3 of 4 2/28/2011 10:16 PM

a severe, continued downturn in the economy where

sales and prices drop, manufactoring decreses,

businesses close, banks fail, and people lose their

jobs.

money that is owed to someone

spending is greater than the revenue

a nation's exports minus the value of its imports;

also called trade balance

Quizlet › Printing flashcards of Macroeconomics http://quizlet.com/634165/flashcards/

4 of 4 2/28/2011 10:16 PM