Description should include
- defining the terms gross domestic product (GDP), consumer price index (CPI), unemployment rate, full employment, underemployment, and labor force participation
- explaining that a nation's overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by households, firms, government agencies, global markets, and others in the economy
- explaining that economic goals include
- full employment (measured by the unemployment rate)
- stable prices (measured by indices such as the CPI)
- economic growth (measured by GDP).