2. Mr. Weiss Unit 5 Vocabulary Words 1. gross domestic product (GDP); 2. inflation; 3. real GDP; 4. consumer price index (CPI) _____total dollar value of all final goods and services produced in a nation in a single year. _____a statistical measure of the average of prices of a specified set of goods and services purchased by typical consumers in city areas. _____prolonged rise in the general price level of final goods and services. _____GDP that has been adjusted for inflation by applying the price deflator.

3. Mr. Weiss Unit 5 Vocabulary Words 1. gross domestic product (GDP); 2. inflation; 3. real GDP; 4. consumer price index (CPI) __1__total dollar value of all final goods and services produced in a nation in a single year. __4__a statistical measure of the average of prices of a specified set of goods and services purchased by typical consumers in city areas. __2__prolonged rise in the general price level of final goods and services. __3__GDP that has been adjusted for inflation by applying the price deflator.

4. Mr. Weiss Unit 5 Vocabulary Words 1. aggregate supply; 2. fiat money; 3. overdraft checking; 4. debit card; _____device used to make cashless purchases; money is electronically withdrawn from the consumer’s checkable account and transferred directly to the store’s bank account. _____checking account that allows a customer to write a check for more money than exists in his or her account. _____money that has value because a government fiat, or order, has established it as acceptable for payment of debts. _____real domestic output of producers based on the rise and fall of the price level.

5. Mr. Weiss Unit 5 Vocabulary Words 1. aggregate supply; 2. fiat money; 3. overdraft checking; 4. debit card; __4__device used to make cashless purchases; money is electronically withdrawn from the consumer’s checkable account and transferred directly to the store’s bank account. __3__checking account that allows a customer to write a check for more money than exists in his or her account. __2__money that has value because a government fiat, or order, has established it as acceptable for payment of debts. __1__real domestic output of producers based on the rise and fall of the price level.

6. Mr. Weiss Unit 5 Vocabulary Words 1. automated teller machine (ATM); 2. fed; 3. monetary policy; 4. regressive tax; _____unit that allows consumers to do their banking without the help of a teller. _____the Federal Reserve System created by Congress in 1913 as the nation’s central banking organization. _____policy that involves changing the rate of growth of the supply of money in circulation in order to affect the cost and availability of credit. _____tax that takes a larger percentage of lower incomes than of higher incomes.

7. Mr. Weiss Unit 5 Vocabulary Words 1. automated teller machine (ATM); 2. fed; 3. monetary policy; 4. regressive tax; __1__unit that allows consumers to do their banking without the help of a teller. __2__the Federal Reserve System created by Congress in 1913 as the nation’s central banking organization. __3__policy that involves changing the rate of growth of the supply of money in circulation in order to affect the cost and availability of credit. __4__tax that takes a larger percentage of lower incomes than of higher incomes.

8. Mr. Weiss Unit 5 Vocabulary Words 1. reserve requirement; 2. full employment; 3. open market operations; 4. Medicare; _____buying and selling of United States securities by the Fed to affect the money supply. _____condition of the economy when the unemployment rate is lower than a certain percentage established by economist’s studies. _____government program that provides health care for the aged. _____regulations set by the Fed requiring banks to keep a certain percentage of their checkable deposits as cash in their own vaults or as deposits in their Federal Reserve district bank.

9. Mr. Weiss Unit 5 Vocabulary Words 1. reserve requirement; 2. full employment; 3. open market operations; 4. Medicare; __3__buying and selling of United States securities by the Fed to affect the money supply. __2__condition of the economy when the unemployment rate is lower than a certain percentage established by economist’s studies. __4__government program that provides health care for the aged. __1__regulations set by the Fed requiring banks to keep a certain percentage of their checkable deposits as cash in their own vaults or as deposits in their Federal Reserve district bank.

10. Mr. Weiss Unit 5 Vocabulary Words 1. public goods; 2. social security; 3. Medicaid; 4. externalities; _____goods or services that can be used by many individuals at the same time without reducing the benefit each person receives. _____federal program that provides monthly payments to people who are retired or unable to work. _____state and federal public assistance program that helps pay health care costs for low income and disabled persons. _____economic side effects or by-products that affect an uninvolved third party; can be negative or positive.

11. Mr. Weiss Unit 5 Vocabulary Words 1. public goods; 2. social security; 3. Medicaid; 4. externalities; __1__goods or services that can be used by many individuals at the same time without reducing the benefit each person receives. __2__federal program that provides monthly payments to people who are retired or unable to work. __3__state and federal public assistance program that helps pay health care costs for low income and disabled persons. __4__economic side effects or by-products that affect an uninvolved third party; can be negative or positive.

12. Mr. Weiss Unit 5 Vocabulary Words 1. unemployment rate; 2. fiscal policy; 3. time lags; 4. stagflation; _____combination of inflation and high unemployment (low economic activity). _____periods between the time fiscal policy is enacted and the time it becomes effective. _____federal government’s use of taxation and spending policies to affect overall business activity. _____percentage of the civilian labor force that is unemployed but is actively looking for work.

13. Mr. Weiss Unit 5 Vocabulary Words 1. unemployment rate; 2. fiscal policy; 3. time lags; 4. stagflation; __4__combination of inflation and high unemployment (low economic activity). __3__periods between the time fiscal policy is enacted and the time it becomes effective. __2__federal government’s use of taxation and spending policies to affect overall business activity. __1__percentage of the civilian labor force that is unemployed but is actively looking for work.

14. Mr. Weiss Unit 5 Vocabulary Words 1. transfer payments; 2. market basket; 3. business cycle; 4. recession; _____representative group of goods and services used to compile the consumer price index. _____part of the business cycle in which the nation’s output (real GDP) declines for at least six months. _____welfare and other supplementary payments that a state or the federal government makes to individuals. _____ups and downs in the level of total output measure by real GDP.

15. Mr. Weiss Unit 5 Vocabulary Words 1. transfer payments; 2. market basket; 3. business cycle; 4. recession; __2__representative group of goods and services used to compile the consumer price index. __4__part of the business cycle in which the nation’s output (real GDP) declines for at least six months. __1__welfare and other supplementary payments that a state or the federal government makes to individuals. __3__ups and downs in the level of total output measure by real GDP.

16. Mr. Weiss Unit 5 Vocabulary Words 1. depression; 2. expansion; 3. economic indicators; 4. medium of exchange 1. depression; 2. expansion; 3. economic indicators; 4. medium of exchange ; _____statistics that measure variables in the economy. _____major slowdown of economic recovery. _____use of money for exchange for goods and services. _____part of the business cycle in which economic activity slowly increases.

17. Mr. Weiss Unit 5 Vocabulary Words 1. depression; 2. expansion; 3. economic indicators; 4. medium of exchange 1. depression; 2. expansion; 3. economic indicators; 4. medium of exchange ; __3__statistics that measure variables in the economy. __1__major slowdown of economic recovery. __4__use of money for exchange for goods and services. __2__part of the business cycle in which economic activity slowly increases.

18. Mr. Weiss Unit 5 Vocabulary Words 1. overdraft checking; 2. checking account; 3. public works projects; 4. public assistance programs; _____account in which deposited funds can be withdrawn at any time by writing a check. _____publicly used facilities, such as schools and high ways, built by federal, state, or local governments with public money. _____checking account that allows a customer to write a check for more money than exists in his or her account. _____government programs that make payments to citizens based on need.

19. Mr. Weiss Unit 5 Vocabulary Words 1. overdraft checking; 2. checking account; 3. public works projects; 4. public assistance programs; __2__account in which deposited funds can be withdrawn at any time by writing a check. __3__publicly used facilities, such as schools and high ways, built by federal, state, or local governments with public money. __1__checking account that allows a customer to write a check for more money than exists in his or her account. __4__government programs that make payments to citizens based on need.

20. Mr. Weiss Unit 5 Vocabulary Words 1. budget deficit; 2. national debt; 3. progressive tax; 4. benefits received principle; _____tax that takes a larger percentage of higher incomes than of lower incomes; justified on the basis of the ability to pay principle. _____system of taxation in which those who use a particular government service support it with taxes in proportion to the benefit they receive; those who do not use a service do not pay for it. _____situation when the amount of government spending exceeds its receipts during the fiscal year. _____total amount of outstanding debt for the federal government.

21. Mr. Weiss Unit 5 Vocabulary Words 1. budget deficit; 2. national debt; 3. progressive tax; 4. benefits received principle; __3__tax that takes a larger percentage of higher incomes than of lower incomes; justified on the basis of the ability to pay principle. __4__system of taxation in which those who use a particular government service support it with taxes in proportion to the benefit they receive; those who do not use a service do not pay for it. __1__situation when the amount of government spending exceeds its receipts during the fiscal year. __2__total amount of outstanding debt for the federal government.