Term
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Definition
| The sum of employed and unemployed workers in the economy. |
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Term
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Definition
| The percentage of the labor force that is unemployed. |
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Term
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Definition
| People who are available for work but have not looked for a job during the previous four weeks because they believe no jobs are available for them. |
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Term
| Labor force participation rate |
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Definition
| The percentage of the working-age population in the labor force. |
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Term
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Definition
Short-term unemployment that arises from the process of matching workers with jobs.
(Job and person haven't found one another) |
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Term
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Definition
| Unemployment arising from a persistent mismatch between the skills and characteristics of workers and the requirements of jobs. |
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Term
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Definition
| Unemployment caused by a business cycle recession. |
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Term
| Natural rate of unemployment |
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Definition
| The normal rate of unemployment consisting of frictional unemployment and structural unemployment. |
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Term
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Definition
| A higher-than market wage that a firm pays to increase worker productivity. |
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Term
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Definition
| A measure of the average prices of goods and services in the economy. |
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Term
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Definition
| The percentage increase in the price level from one year to the next. |
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Term
| Consumer price index (CPI) |
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Definition
| An average of the prices of the goods and services purchased by the typical urban family of four. |
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Term
| Producer price index (PPI) |
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Definition
| An average of the prices received by producers of goods and services at all stages of the production process. |
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Term
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Definition
| The stated interest rate on a loan. |
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Term
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Definition
| The nominal interest rate minus the inflation rate. |
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Term
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Definition
| A decline in the price level. |
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Term
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Definition
| The costs to firms of changing prices. |
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