Econ Chapters 9 12 Summative Jeopardy Template

Terms	More terms	Concepts	More concepts	Unemployment
100 What is equality situations where economic outcomes are the same for all	100 What is a deflationary gap a situation where real GDP is less than potential GDP	100 What is disinflation prices are rising but at a slower rate of inflation	100 What is a Lorenz curve This model shows the difference in perfect equality distribution to actual distribution	100 What is frictional unemployment when workers are between jobs
200 What is equity the idea of fairness where people are given what they need	200 What is an inflationary gap A situation where real GDP is greater than potential GDP	200 What is debt when government spending is greater than government revenue and it accumulates	200 What is the diagonal line in the Lorenz curve IIn a model, this line illustrates income equality	200 What is seasonal unemployment when demand fo workers changes based on the time of year
300 What is an inflationary spiral a continuous rise in price that leads to increased wages that react on each other	300 What is unemployment the percentage of people in the labor force who do not have jobs and are actively looking for one	300 What is a budget deficit when over time, government expenditures exceed government revenue	300 What is short run economic growth What isan increase in actual output from an economy	300 What is structural unemployment when demand fo a certain type of skill required for a job changes
400 What is the multiplier effect the ratio of change in income arising from a change in government spending	400 Consumer Price Index What do the letters CPI stand for?	400 What is a balanced budget when government expenditures equal government spending over a year	400 What is long run economic growth What is an increase in potential output of an economy	400 Loss of GDP, loss of workers, loss of government tax revenue, increased burden to pay unemployment benefits What is the cost or consequence of unemployment?
500 What is underemployment people working at low-skilled jobs because they can't find jobs that fully utilize their skills	500 The rate of inflation What does CPI measure?	500 What is the Gini coefficient what tool is used to measureth e distribution of income in an economy	500 What is demand-pull inflation when high demand pushes prices up at every price level	500 What is a production possibilities curve This is used to illustrate economic growth

Econ Chapters 9-12 Summative

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