Term
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Definition
| recurring increases and decreases in the level of economic activity over periods of time |
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Term
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Definition
| a period of declining real GDP, accompanied by lower income and higher income and higher unemployment |
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Term
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Definition
| a generalized increase in output, income, and business activity |
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Term
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Definition
| situations in which events don't meet expectations |
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Term
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Definition
| unexpected changes in the demand for goods and services |
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Term
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Definition
| unexpected changes in the supply of goods and services |
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Term
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Definition
| a situation where prices of goods and services are slow to respond to changes in supply and demand |
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Term
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Definition
| persons 16 years and older who are not in institutions and who are either employed or unemployed and seeking work |
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Term
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Definition
| the percentage of the labor force unemployed |
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Term
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Definition
| unemployment that is associated with people searching for jobs or waiting to take jobs in the near future |
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Term
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Definition
| unemployment that is associated with a mismatch between available jobs and the skills or locations of those unemployed |
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Term
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Definition
| unemployment that is associated with the recessionary phase of a business cycle |
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Term
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Definition
| the level of real GDP that would occur if there was full employment |
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Term
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Definition
| the negative or positive difference between actual GDP and potential GDP |
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Term
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Definition
| a rise in the general level of prices in an economy |
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Term
| consumer price index (CPI) |
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Definition
| an index that computes the price of a market basket of consumer goods and services in one period with the price of the same (or highly similar) market basket in a base period |
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Term
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Definition
| increases in the price level (inflation) caused by excessive spending |
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Term
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Definition
| increases in the price level (inflation) caused by sharp rises in the cost of key resources |
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Term
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Definition
| the number of dollars received as wages, rent, interest, and profit |
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Term
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Definition
| the purchasing power of nominal income; the amount of goods and services that nominal income can buy |
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Term
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Definition
| the percentage increase in purchasing power that a borrower pays a lender; the nominal interest rate less the expected rate of inflation |
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Term
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Definition
| the percentage increase in money that a borrower pays a lender |
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Term
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Definition
| a decline in the general level of prices in the economy |
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