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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
This is the study of an economy as a whole.
__ Aggregate Supply
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
D. This refers to the changes in economic activity of a company over the
long term.
__ Cyclical
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
__ 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
I. The total value of all the goods and services produced within a country in
a given year
__ Gross Domestic
J. This is the total amount of goods and services consumers are willing to
__ 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
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
V. This an economic term that refers to prolonged period of economic
decline with large numbers of unemployed, shrinking incomes, and
general economic hardship.