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Economics Ch 8
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Business cycle
fluctuation in the level of economics activity
measured by rate of unemployment and changes in real GDP
recession
downturn in economic activity
declining real GDP and rising unemployment
depression
prolonged and severe recession
civilian labor force
number of people 16+ years old either employed or not
unemployed
person not currently working, actively looking for work, or person waiting to begin or return to a job
labor force participation rate
number of people in the civilian labor force 16+ years old
unemployment rate
percentage of people in the labor force who are unemployed
equal to the number of people unemployed divided by the number of people in the labor force
employement / population ratio
number of people 16+ ad over employed as civilians divided by the total civilian population 16+ years old
frictional unemployment
unemployment cause by constant change in economy that prevent qualified person to match with current job openning
structural unemployment
cause by structural charactiristics of economy which make very hard for job seekers to find employment
job opening which people are not qualified for
cyclical unemployment
due to recessionary business conditions and inadequate labor
full employment
level of employment that results from the efficient use of the labor force taking into account the normal rate of unemployment
natural rate of unemployment
normal unemployment rate due to frictional and structural condition
occur when economy is operating at a sustainable rate of output
potential output
level of possible output according to labor force, productivity
unanticipated inflation
unexpected increase in the general level of prices
anticipated inflation
expected increase in general level of prices
Author
jureline98
ID
127816
Card Set
Economics Ch 8
Description
Economic class @ NU
Updated
2012-01-14T21:43:37Z
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