Term
|
Definition
| The short-run alternation between economic downturns, known as recessions, and economic upturns, known as expansions. |
|
|
Term
|
Definition
| A very deep and prolonged downturn. |
|
|
Term
|
Definition
| Periods of economic downturns when output and employment are falling. |
|
|
Term
|
Definition
| Periods of economic upturns when output and employment are rising, |
|
|
Term
|
Definition
| The number of people currently employed in the economy. |
|
|
Term
|
Definition
| The number of people who are actively looking for work but aren't currently employed. |
|
|
Term
|
Definition
| Equal to the sum of employment and unemployment. |
|
|
Term
|
Definition
| Percentage of the labor force that is unemployed. |
|
|
Term
|
Definition
| The quantity of goods and services produced. |
|
|
Term
|
Definition
| The economy's total production of goods and services for a given time period. |
|
|
Term
|
Definition
| A rising overall price level. |
|
|
Term
|
Definition
| A falling overall price level. |
|
|
Term
|
Definition
| The overall price level is changing either not at all or only very slowly. |
|
|
Term
|
Definition
| An increase in the maximum amount of goods and services an economy can produce. |
|
|
Term
|
Definition
| A simplified representation used to better understand a real-life situation. |
|
|
Term
| other things equal assumption |
|
Definition
| All other relevant factors remain unchanged. This is also known as the ceteris paribus assumption. |
|
|
