Econ Ch 4 VOCAB

  1. Macroeconomics
    The study of the operation of the economy as a whole
  2. Employment Act of 1946
    Legislation giving the federal government the right and responsibility to provide an environment for the achievement of full employment, full production, and stable prices.
  3. Unemployment
    A resource avaliable for production is not being used
  4. Frictional Unemployment
    Occurs when people are voluntarily out of work for a short period of time while searching for a job
  5. Full Employment
    Occurs when only those voluntarily out of work are unemployed, or the unemployment rate includes only frictional unemployment
  6. Cyclical Unemployment
    Involuntary unemployment that results from a downswing in a business cycle, or a recession
  7. Structural Unemployment
    Involuntarily unemployment that results when a worker's job is no longer part of the production structure of the economy
Card Set
Econ Ch 4 VOCAB
Econ 165