Unit #2 Vocab Menu by Aleigha Bennett

Standard of Living

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the degree of wealth and material comfort available to a person or community

Gross Domestic Product (GDP)

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monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries.

inflation

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a general increase in prices and fall in the purchasing value of money

Consumer Price index (CPI)

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a measure of the average change over time in the prices paid by consumers

expansion period

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the phase of the business cycle when the economy moves from a trough to a peak

peak period

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The busiest or most popular time

contraction period

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The downswing of the business cycle towards a trough

trough

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the stage of the economy's business cycle that marks the end of a period of declining business activity

block grant

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a grant from central government which a local authority can allocate to a wide range of services.

currency appreciation

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an increase in the value of one currency to another in forex market

economy

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the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Fiscal Policy

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use of government spending and taxation to influence the economy.

Agency Cost

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an internal cost which arises from, and requires payment, to an agent who acts on behalf of a principal in some situations.

Aggregate Demand

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the total demand for goods and services within a particular market.

Appropriation Act

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A law of Congress that provides an agency with budget authority.

monarchy

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political system based upon the undivided sovereignty or rule of a single person

renewable resource

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a resource that can be replenished naturally over time

nonrenewable resource

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A nonrenewable resource is a natural substance that is not replenished with the speed at which it is consumed. Its supply is finite.

exports

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a commodity conveyed from one country or region to another for purposes of trade

imports

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bring (goods or services) into a country from abroad for sale.

tariffs

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a tax or duty to be paid on a particular class of imports or exports.

Free Trade

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international trade left to its natural course without tariffs, quotas, or other restrictions.

Interdependence

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the dependence of two or more people or things on each other.