Unemployment/Business Cycles/Inflation

Recurrent rises and falls in GDP over a period of years

Two consecutive quarters of real GDP decline

measured by the annual percentage change in real GDP in a nation

Employed + Unemployed

Working part time or full time

Do not have a job but currently looking for work

People who want to work, but have given up

Workers who are new jobs that exist (quit/in between jobs)

unemployment caused by factors in the economy including lack of skills, change in product demand, or technological change

relates to the state of the economy

is equal to the total frictional and structural unemployment rates

Phase of the business cycle during which real GDP reaches its maximum after rising during a recovery

Phase of the business cycle during which real GDP reaches its minimum after falling during a recession

An upturn in the business cycle during which real GDP rises

variables that change before real GDP changes

An increase in the overall price level over a period of time

A continued fall in the overall price level over a period of time

Decrease in the inflation rate

Measure of the average change over time in the prices paid by urban consumers for a fixed market basket of consumer goods and services

The actual rate of interest earned over a period of time.

the nominal interest rate adjusted for inflation

caused by pressure on prices originating from the buyers side of the market (demand curve increase)

caused by pressure on price originating from the sellers side of the market (supply curve decrease)