Chapter 3: Economic Activity in a Changing World

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12 Terms

1
Federal Reserve
The ________, informally called "the Fed, "is a government agency that guides the economy by regulating the amount of money in circulation, controlling interest rates, and controlling the amount of money loaned.
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2
Individuals
________ have an enormous role on the market for goods and services.
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3
1900s
The ________ saw the rapid movement of information, with the invention of the computer.
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4
Deflation
________ is a general decrease in the price of goods and services.
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5
unemployment
When ________ is low, production of goods and services is high, new businesses open, and there is prosperity.
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6
GDP
________ is one of the most important indicators of the status of an economy.
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7
Recovery
A(n) ________ is a rise in business activity after a recession or depression.
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8
Inflation
________ is a general increase in the price of goods and services.
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9
Prosperity
________ is a peak of economic activity.
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10
Unemployment rate
The ________ measures the number of people who are able and willing to work but can not find work during a given period.
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11
Depression
A(n) ________ is a deep recession that affects the entire economy and lasts for several years.
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12
Standard of living
The ________ refers to the amount of goods and services people can buy with the money they have.
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