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Download Unit 3: Macroeconomic Concepts Vocabulary Worksheet
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Name: _______________ Unit 3: Macroeconomic Concepts Vocabulary Worksheet Match the term on the left with its definition on the right: __ Aggregate Demand A. This is the study of an economy as a whole. __ Aggregate Supply B. Unemployment caused by people changing jobs. __ Business Cycle C. This is a type of taxation that takes a higher percentage of one's salary as one's income decreases. __ Consumer Price Index D. This refers to the changes in economic activity of a company over the long term. __ Cyclical Unemployment E. Unemployment that is caused by changes in technology or reduced demand for certain products. __ Deflation F. This economics term refers to any tangible item that is produced and eventually consumed by the buyer; they are used when calculating GDP. __ Depression G. a tax where the percentage paid in tax increases as the level of income rises __ Final Goods H. This is a decline in a country's GDP for two or more successive quarters. It is usually characterized by a significant decline in economic activity. __ Frictional Unemployment I. The total value of all the goods and services produced within a country in a given year __ Gross Domestic Product J. This is the total amount of goods and services consumers are willing to buy. __ Income Tax K. This is a period of large price inflation combined with no output growth, increasing unemployment, and a recession. __ Inflation L. This is an economic measure of inflation in the domestic economy, and is determined by tracking the prices of a specific set of goods and services purchased by the public. __ Macroeconomics M. This term refers to the percentage of the civilian workforce who are available for a job but do not have one. __ Progressive Tax N. This is a general decrease in the level of prices. __ Proportional O. Unemployment that is caused by a downturn in the business cycle __ Recession P. This is a type of taxation that takes the same percentage of one's income regardless of how much or how little one makes. __ Regressive Q. This is the lack of jobs for willing workers. __ Sales Tax R. the total supply of all the goods and services available in an economy __ Stagflation S. This is a tax levied on net personal or business income. __ Structural Unemployment T. This is a tax on goods and services, a percentage of the retail price. __ Unemployment U. A rise in the general level of prices. __ Unemployment Rate V. This an economic term that refers to prolonged period of economic decline with large numbers of unemployed, shrinking incomes, and general economic hardship.