Unit 2 vocabulary by Ceveriana Apolinar-Turner

Standard of living

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

Gross Domestic Product (GDP)

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The total value of goods produced and services provided in a country during one year.

Inflation

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

Consumer Price Index

cevapo9076 — 2024-09-25 03:30:21 UTC

A measure of the average change over time in the prices paid by urban consumer for a market 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 busiest or most popular time.

Contraction Period

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The downswing of the business cycle towards a trough.

Trough

cevapo9076 — 2024-09-26 16:34:45 UTC

It is the stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion.

Block Grant

cevapo9076 — 2024-09-26 16:35:16 UTC

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

cevapo9076 — 2024-09-26 16:35:36 UTC

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

Economy

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A system of production and consumption activities that determine how resources are allocated among all of its participants.

Fiscal Policy

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

Agency Cost

cevapo9076 — 2024-09-26 16:36:54 UTC

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 measurement of the total amount of demand for all finished goods and services produced in an economy.

Appropriation Act

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

Monarchy

cevapo9076 — 2024-09-26 16:37:53 UTC

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

Renewable Resource

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A resource of which there is a seemingly endless supply because it can be replenished.

Nonrenewable Resource

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Resources that are limited in supply and cannot be used sustainably.

Exports

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Goods and services that are produced in one country and sold to buyers in another.

Imports

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Bring goods and services into a country from abroad for sale.

Tariffs

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Taxes imposed by one country on goods or services imported from another country.

Free Trade

cevapo9076 — 2024-09-26 16:39:29 UTC

A trade policy that does not restrict imports or exports.

Interdependence

cevapo9076 — 2024-09-26 16:39:56 UTC

The state of being dependent upon one another.