AP Macroeconomics game 1

Unemployment

GDP

Price level

Shift aggregate demand

Shift aggregate supply

Always reduces the cost of living

Reduces the purchasing power

Cyclical unemployment

Frictional unemployment

the value of GDP in base year values

prices of raw materials purchased by firms

prices of imports, but not exports

prices of a basket of goods purchased by consumers

borrowers win

lenders win

everybody wins

everybody loses

Exports

Taxes

Government Spending

Imports

worker replaced by robots

worker voluntarily quits to look for a better job

worker laid off because of downturn in business

worker switches from part time to full time

on the curve

inside the curve

outside the curve

indeterminate