Term
|
Definition
| The year chosen as a point of reference or basis of comparison for prices in other years; a benchmark year. |
|
|
Term
| Consumer Price Index (CPI) |
|
Definition
| A widely cited index number for the price level; the weighted average of prices of a specific set of goods and services purchased by a typical household. |
|
|
Term
| Cyclical Unemployment Rate |
|
Definition
| The difference between the unemployment rate and the natural unemployment rate. |
|
|
Term
|
Definition
| The percentage of the civilian noninstitutional population that is employed: Employment rate = Number of employed persons/Civilian noninstitutional population. |
|
|
Term
|
Definition
| Changes in government expenditures and/or changes in taxes to achieve particular macroeconomic goals. |
|
|
Term
|
Definition
| Unemployment due to the natural “frictions” of the economy, which is caused by changing market conditions and is represented by qualified individuals with transferable skills who change jobs. |
|
|
Term
|
Definition
| The condition that exists when the unemployment rate is equal to the natural unemployment rate. |
|
|
Term
|
Definition
| An increase in the price level. |
|
|
Term
| Labor Force Participation Rate |
|
Definition
| The percentage of the civilian noninstitutional population that is in the civilian labor force. Labor force participation rate = Civilian labor force/Civilian noninstitutional population. |
|
|
Term
|
Definition
| Changes in the money supply, or the rate of growth of the money supply, to achieve particular macroeconomic goals. |
|
|
Term
|
Definition
| Unemployment caused by frictional and structural factors in the economy. Natural unemployment rate = Frictional unemployment rate + Structural unemployment rate. |
|
|
Term
|
Definition
| The current-dollar amount of a person’s income. |
|
|
Term
|
Definition
| A measure of the price level. |
|
|
Term
|
Definition
| A weighted average of the prices of all good and services. |
|
|
Term
|
Definition
| The value of the entire output produced annually within a country’s borders, adjusted for price changes. |
|
|
Term
|
Definition
| Nominal income adjusted for price changes. |
|
|
Term
|
Definition
| Unemployment due to structural changes in the economy that eliminate some jobs and create other jobs for which the unemployed are unqualified. |
|
|
Term
|
Definition
| The percentage of the civilian force that is unemployed: Unemployment rate = Number of unemployed persons/Civilian labor force. |
|
|
