Term
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Definition
A percentage that expresses the ratio of the number of jobless
individuals actively looking for work or on temporary layoff
divided by the total employed and unemployed in the labor
force. |
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Term
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Definition
| Period in the business cycle between the trough and the peak. |
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Term
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Definition
| The study of the major economic totals, or aggregates. |
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Term
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Definition
Economic aggregates whose values society cares about-society's
goals. |
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Term
|
Definition
The percentage rate of increase in the economy's average level
of prices. |
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Term
|
Definition
| The value of total output corrected for any changes in prices. |
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Term
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Definition
Any policy that seeks to influence the level of aggregate
demand. |
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Term
| Real GOP gap (output gap) |
|
Definition
The percentage difference between actual and natural real
GOP. |
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Term
| Natural rate of unemployment |
|
Definition
The level of unemployment at which the inflation rate is
constant, with no tendency to accelerate or decelerate. |
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Term
| Gross domestic product {GOP) |
|
Definition
The value of all currently produced goods and services sold on
the market during a particular time interval. |
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Term
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Definition
Elements that government policymakers can manipulate
directly to influence target variables. |
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Term
|
Definition
Expansions occurring at about the same time in many
economic activities, followed by similarly general recessions and
recoveries that merge into the expansion phase of the next
cycle. |
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Term
|
Definition
The level of real GOP at which the inflation rate is constant, with
no tendency to accelerate or decelerate. |
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Term
|
Definition
Changes made in the money supply or interest rates or both in
order to try to influence target variables. |
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Term
|
Definition
Manipulations of government expenditures and tax rates in
order to try to influence target variables. |
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