GDP and the Economy Vocabulary Coach Lott.

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Presentation transcript:

GDP and the Economy Vocabulary Coach Lott

Inflation A general increase in prices

Market Basket A representative collection of goods and services

Structural Unemployment Unemployment that occurs when workers’ skills do not match the jobs that are available.

Inflation Rate The percentage of change in price level over time

Gross Domestic Product (GDP) The dollar value of all final goods and services produced within a country’s borders in a given year.

Deflation A sustained drop in the price level

Economic Growth A steady, long-term increase in real GDP

Poverty Rate The percentage of people who live in households with income below the official poverty line.

Real GDP GDP expressed in constant, or unchanging, prices

Underemployment Working at a job for which you are over-qualified

Nominal GDP GDP expressed at current prices

Unemployment Rate The percentage of the nation’s labor force that is unemployed.

Cyclical Unemployment Unemployment that rises during economic downturns and falls when the economy improves.

Aggregate Demand The amount of goods and services in the economy that will be purchased at all possible price levels.

Census The official count of the population

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