3.  What is inflation? --a general upward movement in price of goods and services in an economy  What is deflation? --a general downward movement in the price of goods and services in an economy  What is the Consumer Price Index (CPI)? --A statistic reported monthly and indicates annual percentage changes in price levels

4.  What is Gross Domestic Product (GDP)?  Market value of all final goods and services produced in an economy in a given year  What is nominal GDP?  GDP that has not been adjusted for inflation  What is real GDP?  GDP adjusted for inflation  What is the unemployment rate?  the number of unemployed as a percentage of the labor force which is reported monthly

5.  What is the definition of unemployed?  Civilian persons 16 years of age or older are classified if they do not have jobs, have actively looked for work in the prior 4 weeks and are currently available for work.