Transcript Unit 5 Vocabulary Words

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.
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.
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withdrawn from the consumer’s checkable account and transferred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.
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withdrawn from the consumer’s checkable account and transferred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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Mr.
Weiss
Unit 5 Vocabulary Words
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.
Mr.
Weiss
Unit 5 Vocabulary Words
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.
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.
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.
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.
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.