(10 points) Online Quiz for Unit Five Vocabulary (Quizlet): https://quizlet.com/76785108/unit-5-econ-vocabulary-flash-cards/
(1 Point Each) Example of Current Economic Topic From Unit Five:
1.) An example of Gross Domestic Product (GDP) would be that currently the US's GDP is an estimated $35.4 billion
2.) An example of Intermediate Goods would be that the use of cotton is used in the production of 2015 NHL Stanley Cup t-shirts
3.) An example of a current Durable Good could be the purchase of a new home
4.) An example of a current Non-Durable Good could be the purchase of a package of oreos
5.) An example of Seasonal Unemployment could be the unemployment of outdoor rink attendants
1.) An example of Gross Domestic Product (GDP) would be that currently the US's GDP is an estimated $35.4 billion
2.) An example of Intermediate Goods would be that the use of cotton is used in the production of 2015 NHL Stanley Cup t-shirts
3.) An example of a current Durable Good could be the purchase of a new home
4.) An example of a current Non-Durable Good could be the purchase of a package of oreos
5.) An example of Seasonal Unemployment could be the unemployment of outdoor rink attendants
(10 points) Unit Five Vocabulary Definitions & Original Examples:
Gross domestic Product (GDP): the dollar value of all final goods and services produced within a country’s borders
· Example: The US’s 2014 GDP was an estimated $17.701 trillion
Intermediate Goods: goods used in the production of final goods
· Example: Use of chlorine in polyurethane
Durable Goods: goods that last for a relatively long time
· Example: 2015 Ford Fusion
Nondurable Goods: goods that last a short period of time
· Example: Cosmetics, food, clothing, etc
Gross National Product: the annual income earned by US owned firms and US citizens
· Example: The US’s Gross National Product in 2013 was 16.99 trillion PPP dollars
Depreciation: the loss of the value of capital equipment that results from normal wear and tear
· Example: Machinery equipment
Price Level: the average of all prices in the economy
· Example: Consumer Price Index (CPI)
Expansion: a period of economic growth as measured by a rise in real GDP
· Example: US’s economic expansion from November 2001 to December 2007
Economic Growth: a steady, long term increase in real GDP
· Example: US’s large growth during the introduction of the Internet
Recession: a prolonged economic contraction
· Example: The Great Recession starting in December 2007
Depression: a recession that is especially long and severe
· Example: The Great Depression starting on October 29th, 1929
Leading Indicators: key economic variables that economist use to predict a new phase of a business cycle
· Example: The Stock Market
Capital Deepening: process of increasing the amount of capital per worker
· Example: A factory buys more assembly lines and builds a bigger factory
Savings: income not used for consumption
· Example: Choosing to stay at home and watch a video you already have instead of going out to a movie theater
Savings Rate: the proportion of disposable income that is saved
· Example: US’s personal savings rate from 2014 was 5.6%
Technological Progress: an increase in efficiency gained by producing more output without using more inputs
· Example: Microwave Oven
Frictional Unemployment: unemployment that occurs when people take time to find a job
· Example: Joe’s diligent search for the “perfect” job lasts for many months
Seasonal Unemployment: unemployment that occurs as a result of harvest schedules or vacations, when industries slow or shut down for a season
· Example: Golf course employees in MN are unemployed during the winter months when the course is closed for the season
Structural Employment: employment that occurs when workers skills do not match the jobs that are available
· Example: Jim with a masters in geography, his only job options are fast-food or retail
Census: an official count of the population
· Example: Estimated 2014 census for Minnesota was 5,457,173
Unemployment Rate: the percentage of the national’s labor force that is unemployed
· Example: Current US unemployment rate since February was 5.5%
Gross domestic Product (GDP): the dollar value of all final goods and services produced within a country’s borders
· Example: The US’s 2014 GDP was an estimated $17.701 trillion
Intermediate Goods: goods used in the production of final goods
· Example: Use of chlorine in polyurethane
Durable Goods: goods that last for a relatively long time
· Example: 2015 Ford Fusion
Nondurable Goods: goods that last a short period of time
· Example: Cosmetics, food, clothing, etc
Gross National Product: the annual income earned by US owned firms and US citizens
· Example: The US’s Gross National Product in 2013 was 16.99 trillion PPP dollars
Depreciation: the loss of the value of capital equipment that results from normal wear and tear
· Example: Machinery equipment
Price Level: the average of all prices in the economy
· Example: Consumer Price Index (CPI)
Expansion: a period of economic growth as measured by a rise in real GDP
· Example: US’s economic expansion from November 2001 to December 2007
Economic Growth: a steady, long term increase in real GDP
· Example: US’s large growth during the introduction of the Internet
Recession: a prolonged economic contraction
· Example: The Great Recession starting in December 2007
Depression: a recession that is especially long and severe
· Example: The Great Depression starting on October 29th, 1929
Leading Indicators: key economic variables that economist use to predict a new phase of a business cycle
· Example: The Stock Market
Capital Deepening: process of increasing the amount of capital per worker
· Example: A factory buys more assembly lines and builds a bigger factory
Savings: income not used for consumption
· Example: Choosing to stay at home and watch a video you already have instead of going out to a movie theater
Savings Rate: the proportion of disposable income that is saved
· Example: US’s personal savings rate from 2014 was 5.6%
Technological Progress: an increase in efficiency gained by producing more output without using more inputs
· Example: Microwave Oven
Frictional Unemployment: unemployment that occurs when people take time to find a job
· Example: Joe’s diligent search for the “perfect” job lasts for many months
Seasonal Unemployment: unemployment that occurs as a result of harvest schedules or vacations, when industries slow or shut down for a season
· Example: Golf course employees in MN are unemployed during the winter months when the course is closed for the season
Structural Employment: employment that occurs when workers skills do not match the jobs that are available
· Example: Jim with a masters in geography, his only job options are fast-food or retail
Census: an official count of the population
· Example: Estimated 2014 census for Minnesota was 5,457,173
Unemployment Rate: the percentage of the national’s labor force that is unemployed
· Example: Current US unemployment rate since February was 5.5%