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11 Cards in this Set
- Front
- Back
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Inflation |
General increase in prices and fall in purchasing value |
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Economic indicators |
Statistic about an economic activity allows analysis of economic performance |
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GDP |
Total value of goods and services provided in a country during one year |
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Unemployment rate |
How many eligible people are unemployed Num of unemployed/labor force*100 |
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What is included in GDP |
Consumer spending, govt spending |
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Nominal GDP |
Measures output |
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Real GDP |
Measures output with inflation |
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Frictional unemployment |
Time period between finding new jobs. |
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Structural unemployment |
Advances in technology reduce the need for certain skills |
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Cyclical unemployment |
Slowing of economic growth and people loose their jobs |
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Causes of inflation |
Govt prints too much money Cost push inflation: inc. For firm leads to product price inc. Demand pull: inc in demand leads to product price increase |
