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| An economic condition consisting of alternating periods of rising & falling real GDP, characterized by four phases: expansion, peak, recession, & trough. |
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| The part of the business cycle in which the nation's GDP is on the rise, the unemployment rate is falling, & the national income is expanding. |
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| The part of the business cycle in which rapid expansion comes to a halt as shortages in natural resources, high wages, low unemployment, & rising interest rates combine to create higher prices for consumers. |
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| The part of the business cycle in which consumer purchases decline & unemployment increases. |
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| The part of the business cycle in which the recessionary phase has bottomed out & the unemployment rate is high while prices & incomes are low. |
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| A severe & prolonged trough phase of the business cycle. |
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| The percentage of the labor force that is not employed but is looking for work. |
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| Persons who are working (employed) & those who are actively looking for a job (unemployed). |
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| Chronically unemployed people who have been out of work for six months or more. |
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| Unemployment that results merely because people are temporarily between jobs. |
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| Unemployment that occurs when workers' skills do not match available jobs. |
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| Unemployment occurring when the labor force needed for certain industries or businesses expands & contracts seasonally. |
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| Unemployment caused by the downside of the business cycle. |
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