Economic Indicators Learning Goals

Deflation

A decrease in the general price level

Recession

A prolonged economic contraction lasting two or more quarters (six months or more)

Inflation

A sustained rise in the general price level, or a sustained fall in the purchasing power of money

CPI

Consumer Price Index, Measures the changes in prices of goods and services over a certain period of time

Unemployment

The number or portion of citizens that are currently looking for a job

Business Cycle

The series of growing and shrinking periods of economic activity, measured by increases or decreases in real gross domestic product

Poverty

The situation in which a person's income and resources do not allow him or her to achieve a minimum standard of living

Depression

An extended period of high unemployment and reduced business activity

Types of Unemployment

Frictional, Seasonal, Structural, Cylical

GDP

Gross Domestic Product, The market value of all final goods and services provided within a nation in a given time period

GNP

Gross National Product, Market value of all final goods and services a country produces in a given time period

Income Distribution

The way income is divided among people in a nation