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Cards In This Set
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Peak
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The height of an economic expansion when real GDP stops rising, part of the Business Cycle
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Contraction/Recession
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A period of economic decline marked by falling real GDP. Typically lasts one year.
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Expansion
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A period of economic growth as measured by a rise in real GDP
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Trough
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The lowest point in an economic contraction, when real gross domestic product steps falling
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Deregulation
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Answer 5
The removal of some government controls over a marketFont Size...Font Family... |
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Consumer Price Index
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A popular measure of the price level. A price index determined by measuring the price of a standard group of
goods meant to represent the typical “market basket” of a typical urban
consumer
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Per Capita GDP
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The total value of all final goods and services produced in a
particular economy; the dollar value of all goods and services produced
within a country’s borders in a given year
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Gross Domestic Product (real GDP)
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A nation’s gross domestic product divided by its total population. This describes an economy's production after the distortions of price increases have been removed.
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Standard of Living
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A way to measure the level of economic prosperity of a country
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National Debt
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All the money the federal government owes to bondholders
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Excise Tax
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Taxes by the federal government on the sale of certain products.
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Sales Tax
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Taxes by the state government on the sale of certain products.
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Property Tax
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Taxes paid yearly on cars, houses, and land.
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Regressive Tax
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Higher taxes on people making lower salaries and lower taxes on people making higher salaries.
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Progressive Tax
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Higher taxes on people making higher salaries and lower taxes on people making lower salaries.
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