1. Powerpoint Jeopardy VocabularyGDPUnemploymentInflationPotpourri 10 20 30 40 50

2. The amount of goods and services that will be purchased at all possible price levels.

3. The lowest point in an economic contraction.

4. The point during the business cycle when real GDP stops rising.

5. Key economic variables that economists use to predict a new phase of the business cycle.

6. A situation where inflation occurs during an economic contraction.

7. What is the equation for the expenditures approach to calculating GDP?

8. Which type of GDP is adjusted for inflation?

9. What do you call GDP measured in CURRENT dollars?

10. What economic indicator is plotted on a graph to create the business cycle?

11. What is the only component of GDP to have consistently negative numbers?

12. Unemployment that occurs as a result of harvest schedules or vacations; or when industries slow or shut down for a season.

13. Unemployment that occurs simply because people are “in-between” jobs.

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

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

16. The US reaches full employment when it has no _____ unemployment.

17. ________ is defined as the ability to purchase goods and services.

18. Theory of inflation that states that too much money in circulation causes inflation.

19. Theory of inflation that states that inflation occurs when producers raise prices in order to meet increased costs.

20. Theory of inflation that states that inflation occurs when demand for goods and services exceeds existing supplies.

21. The process by which rising wages cause higher prices, and higher prices cause higher wages.

22. What important economic indicator is used to calculate the rate of inflation?

23. An economic contraction lasting at least 2 consecutive quarters is referred to as a _____.

24. What is the best indicator of a nation’s standard of living?

25. Those who give up on trying to find work are referred to as ______.

26. What TWO types of capital can firms invest in in order to deepen capital?