Unit 2 Vocabulary by Laure'l Clay

Standard of Living

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The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Gross Domestic Product (GDP)

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The standard measure of the value added created through the production of goods and services in a country during a certain period.

Inflation

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The rate of increase in prices over a given period of time.

Consumer Price index (CPI)

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A measure of the average change over time in the prices paid by consumers for a representative basket of consumer goods and services

Expansion Period

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The phase of the business cycle where real gross domestic product (real GDP) grows for two or more consecutive quarters, moving from a trough to a peak.

Peak Period

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The highest point of a business cycle

Contraction Period

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The downswing of the business cycle towards a trough

Trough

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A stage in the business cycle where activity is bottoming, or where prices are bottoming, before a rise

Block Grant

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An annual sum of money that is awarded by the federal government to a state or local government body to help fund a specific project or program

Currency Appreciation

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An increase in the value of one currency to another in forex markets

Economy

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Encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity, whether the entity is a nation or a small town

Fiscal Policy

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The use of government spending and taxation to influence the economy.

Agency Cost

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Internal costs incurred due to the competing interests of shareholders (principals) and the management team (agents)

Aggregate Demand

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'collection' or 'total'. Economic aggregates are variables that measure the total economic activity for a nation state or a region

Appropriation Act

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A law of Congress that provides an agency with budget authority. An appropriation allows the agency to incur obligations and to make payments from the U.S. Treasury for specified purposes.

Monarchy

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A country that is ruled by a monarch. (king or Queen)

Renewable Resource

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Those resources that can continue to exist despite being consumed or can replenish themselves over a period of time even as they are used.They include sun, wind, water, geothermal, and biomass.

nonrenewable resource

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A substance that is used up more quickly than it can replace itself.

Exports

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Movable goods produced within the boundaries of one country, which are traded with another country

Imports

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A good or service bought in one country that was produced in another.

Tariffs

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A tax imposed on the import or export of goods

Free Trade

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Goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange

Interdependence

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The relationship between two individuals, groups, sects, businesses, regions, or countries where each of them is dependent over the other for the supply of necessary goods and services.”