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Vocabulary Activity Economic Instability NAME What Would Happenifperiods Ofrecession Andexpansiondid Notoccur? Outline Thephasesofbusinesscycle

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Vocabulary Activity Economic Instability NAME What Would Happenifperiods Ofrecession Andexpansiondid Notoccur? Outline Thephasesofbusinesscycle NAME _____________________________________________ DATE __________________ CLASS ___________ Vocabulary Activity Economic Instability Content Vocabulary Directions: Respond to the questions or statements below using the vocabulary words shown in parentheses. 1. What is the difference between business cycles and business fluctuations? (business cycles, business fluctuations) 2. Outline the phases of the business cycle. (recession, peak, trough, expansion) 3. What would happen if periods of recession and expansion did not occur? (trend line) Why did money run out during the Depression? 4. (depression scrip) Copyright © McGraw-Hill Education. Permission is granted to reproduce for classroom use. classroom for reproduce to is granted Permission Education. © McGraw-Hill Copyright 1 ECON16_TX_TC_C13_wsvoc.indd 1 7/13/15 9:44 PM Program: Texas_Economics Component: Vocab_Activity PDF Pass Vendor: SPi Global Grade: H.S. NAME _____________________________________________ DATE __________________ CLASS ___________ Vocabulary Activity cont. Economic Instability 5. How do economists attempt to predict the next business cycle? (leading economic indicator, Dow Jones Industrial Average, leading economic index, econometric models) 6. Describe three different kinds of inflation. (creeping inflation, hyperinflation, stagflation) 7. How is unemployment measured? (civilian labor force, unemployed, unemployment rate) 8. Describe six different kinds of unemployment. (long-term unemployment, structural unemployment, frictional unemployment, technological unemployment, cyclical unemployment, seasonal unemployment) use. classroom for reproduce to is granted Permission Education. © McGraw-Hill Copyright 2 ECON16_TX_TC_C13_wsvoc.indd 2 7/13/15 9:44 PM Program: Texas_Economics Component:Vocab_Activity PDF Pass Vendor: SPi Global Grade: H.S. NAME _____________________________________________ DATE __________________ CLASS ___________ Vocabulary Activity cont. Economic Instability Directions: Match each vocabulary word on the left with its definition on the right. Write the letter of the answer in the blank at the left of each vocabulary word. 9. Consumer Price Index a. representative collection of goods and services used to compile a price index 10. Misery index b. difference between what the economy can and does produce; annual opportunity cost of unemployed resources 11. Implicit GDP price deflator c. sustained rise in the general level of prices of goods and services 12. Market basket d. index used to measure price changes for a market basket of frequently used consumer items 13. Base year e. hiring outside firms to perform non-core operations to lower operating costs 14. Demand-pull inflation f. index used to measure prices received by domestic producers 15. Outsourcing g. persons or institutions to whom money is owed 16. Creditor h. explanation that rising input costs, especially energy and organized labor, drive up the cost of products for manufacturers and thus cause inflation 17. Deflation i. persons or institutions that owe money 18. Producer Price Index j. a year that serves as a point of comparison for other years in a price index or other statistical measure 19. GDP Gap k. unofficial statistic that is the sum of inflation and the unemployment rate 20. Cost-push inflation l. sustained decrease in the general level of the prices of goods and services 21. Debtor m. index used to measure price changes in gross domestic product 22. Inflation n. explanation that prices rise because all sectors of the economy try to buy more goods and services than the economy can produce Copyright © McGraw-Hill Education. Permission is granted to reproduce for classroom use. classroom for reproduce to is granted Permission Education. © McGraw-Hill Copyright 3 ECON16_TX_TC_C13_wsvoc.indd 3 24/07/15 1:21 PM Program: Texas_Economics Component: Vocab_Activity PDF Pass Vendor: SPi Global Grade: H.S. NAME _____________________________________________ DATE __________________ CLASS ___________ Vocabulary Activity cont. Economic Instability Academic Vocabulary Directions: Write a short definition for each of the following words. 23. Series 24. Construction Recover 25. 26. Confined use. classroom for reproduce to is granted Permission Education. © McGraw-Hill Copyright 27. Fundamental 28. Unfounded 4 ECON16_TX_TC_C13_wsvoc.indd 4 7/13/15 9:44 PM Program: Texas_Economics Component:Vocab_Activity PDF Pass Vendor: SPi Global Grade: H.S..
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