Psych: Economics and Overall Price Level Essay

Submitted By kimberlyhunter1
Words: 373
Pages: 2

Economy Vocabulary Test

Directions: Match the correct word to the correct definition. Some words will not be used.

Qualifications Budget Veto Consumer Economic Growth Senate

Business Cycle Trough/Depression Constituent Inflation Bill

Legislation Fiscal Policy Supply Unemployment Rate Recession

Gross Domestic Product Demand Consumer Price Index Extradite

1. ________________ An itemized summary of income and expenditures for a given period of time.

2. ________________ An individual or group who uses resources, goods and services to satisfy economic wants.

3. ________________ A proposal presented to a legislative body at the state or national level for possible enactment of a law.

4. ________________ Measures the percentage of people who want a job but can’t find one.

5. ________________ A period of low economic activity and widespread unemployment.

6. ________________ A measure of the overall price level in the economy.

7. ________________ A course of action that seeks to achieve socioeconomic goals by affecting the level of taxes and governmental expenditures in the economy. In the US this policy is largely the responsibility if the President and the US Congress. On a state level it is the responsibility of the Governor and General Assembly.

8. ________________ The different quantities of a resource, good, or service that will be offered for sale at various prices at a given point in time. Basically it is the amount of resources, goods, and services that are available in a market .

9. ________________ A slowdown in economic activity for at least 2 consecutive