Unit 6 Vocab

5. an increase in the average price of all goods
7. (GDP) the total dollar value of the final goods and services produced in a country each year
8. a type of unemployment that occurs when people are between jobs or are looking for their first jobs
10. a decrease in the average price of all goods and services
13. the kind of inflation caused by the rising cost of resources such as labor or oil
15. programs that provide income, housing, and health insurance to the individuals and families who cannot work
17. programs meant to prevent poverty, typically worker pay into these programs while they are employed
21. a long lasting and severe recession
22. alternating time periods of expanding and contracting economic activity
23. a regular payment to a retired person by his or her former employer
24. the minimum yearly income that a family must have in order to meet its basic needs

1. incomes that do not change
2. a type of unemployment that occurs when people are out of work because of a downturn in the business cycle
3. a type of unemployment that occurs when people are out of work because they lack the skills or education necessary for available jobs
4. the kind of inflation caused when consumer spending is greater than the amount of goods and services available
6. a raise in income to keep wages even with inflation
9. a time period when GDP is increasing
11. the lowest point in the business cycle
12. the highest point in the business cycle
14. a type of unemployment that occurs when people are out of work for a part of the year because of the seasonal nature of their jobs
16. the percentage of people in the labor force who are looking for work but have not found jobs
18. a time period when the GDP is decreasing
19. statistic used to measure inflation
20. a time period in which the GDP decreases