Economics GDP & Business Cycle Review

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Across
  1. 2. GDP is the dollar amount value of all final goods and services produced within a country's b__________ in a year.
  2. 3. Technological unemployment involves workers with less skills, talent, or education who are replaced by m__________ that do their jobs.
  3. 5. A period of decline in the economy, the decline must last at least 6 months, is known as a(n) r_________.
  4. 6. To calculate GNP, use GDP, then a_______ payments received outside the U.S.
  5. 7. To calculate GNP, use GDP, then add payments received outside the U.S. Then s___________ all payments made to foreign-owned resources in the U.S.
  6. 9. The point where GDP stops growing is known as the p_______.
  7. 11. The number of unemployed individuals divided by the total number of persons in the civilian labor force is known as the u__________.
  8. 12. F_______ is a temporary leave of employees due to special needs of a company or employer, which may be due to economic conditions of a specific employer or in society as a whole.
  9. 13. Inflation is the rise in the general price level of goods. The rate is calculated by taking the c_________ in price level and dividing it by the beginning price level.
  10. 14. A severe recession with high unemployment (very rare) is known as a(n) d__________.
  11. 18. A period of recovery from a recession is known as a(n) e__________.
  12. 21. To calculate unemployment rate, take the number of unemployed individuals and d_________ it by the total number of persons in the civilian labor force.
  13. 22. Workers with less skills, talent, or education are replaced by machines to do their jobs is known as t_________ unemployment.
  14. 23. The consumer price index provides reports on price changes for goods. It is created monthly by the Bureau Labor of s__________.
  15. 25. The economy is said to be in expansion when it is recovering from a ___________.
  16. 27. Unemployment resulting from changes in weather or demand for the product is known as s__________ unemployment.
  17. 28. Seasonal unemployment is unemployment resulting from changes in w_________ or demand for the product.
  18. 29. Workers who are between jobs for whatever reason is known as f___________ unemployment.
Down
  1. 1. The g_______ is the dollar value of all final goods, services, and structures produced in one year with labor and property supplied by US residents. This includes payments received outside the US.
  2. 4. Reports on price changes for goods.
  3. 8. E___________ are statistics that describe how well an economy is performing.
  4. 10. Many consider 4% unemployment to be f_______ employment.
  5. 15. The dollar amount value of all final goods and services produced within a country's borders in a year is known as g___________.
  6. 16. A consequence of inflation is that the dollar buys l___________.
  7. 17. The rise in the general price level is known as i___________.
  8. 19. A decrease in the general price level is known as d_________.
  9. 20. The people who are available to work, who have made a specific effort to find a job during the past month, and worked for less than 1 hour for pay or profit is known as u___________.
  10. 24. The turnaround point where GDP stops going down is known as t________.
  11. 26. C__________ unemployment is unemployment directly related to swings in the business cycle.
  12. 30. Frictional unemployment includes workers who are between jobs for whatever r___________.