Economics

5. Measures inflation by determining how the cost of a standard group of consumer goods (or “market basket”) has changed over time.
7. Anything that is a medium of exchange, has a store of value, and is a unit of account.
9. When real GDP stops rising and is the height of economic expansion.
10. Unemployment resulting from people’s skills no longer matching up with the available jobs.
11. An extra long contraction usually measured by a decline in real GDP for two consecutive quarters
12. Government debt that has accumulated after operating for several years on a deficit.

1. Measured by real GDP and has 4 phases
2. The value of all final goods and services produced by a country during a year.
3. Taxing and spending by the government to influence the economy.
4. (The FED) Our nation’s bank
6. A rise in CPI which shows an overall rise in prices.
8. Refers to large-scale economic issues such as overall economic growth, unemployment rate, inflation.