Chapter 14
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| Business Cycle | Changes in real GDP marked by periods of expansion
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| Business Fluctuation | The rise and fall of real GDP over time in a nonsystamtic manner.
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| Recession | 1st phase during which real GDP declines 2 quarters in a row, or 6 months
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| Peak | Point where real GDP stops going up
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| Through | Turnaround point where GDP stops going down
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| Expansion | A Period of recovery from a recession
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| Trend Line | A growth path the economy would follow if it were not interrupted by alternating periods of recession and recovery
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| Depression | A state of the economy with large numbers of people out of work, acute shortages, and excess capacity in manufacturing plants.
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| Depression Scrip | Currency issued by towns, chambers of commerce, and other civic bodies during the Great Depression of the 1930s
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| Ecometric Model | A macroeconomic model that uses algebraic equations to describe how the economy behaves
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| Index Of Leading Indicators | A monthly statistical series that usually turns down before real GDP turns down, and turns up before GDP turns up.
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| Unemployed | People available for work who made a specific effort to find a job during the past month and who, during the most recent survey week, worked less than one hour for pay or profit.
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| Unemployment Rate | The number of unemployed individuals divided by the total number of persons in the civilian labor force.
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| Frictional Unemployment | Unemployment caused by workers who are between jobs for one reason or another.
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| Structural Unemployment | Unemployment that occurs when fundamental change in the operations of the economy reduces the demand for workers and their skills.
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| Cynical Unemployment | Unemployment directly related to swings in the business cycle.
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| Seasonal Unemployment | Unemployment resulting from changes in the weather or changes in demand for a certain products
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| Technological Unemployment | When workers with less skill, talent, or education are replaced by machines
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| Automation | Production with mechanical or other processes that reduce the need for workers
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| Price Level | Relative magnitude of prices at one point in time
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| Deflation | A decrease in the general price level
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| Creeping Inflation | Inflation in the range of 1 to 3 per year
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| Galloping inflation | A more intense form of inflation that can go as high as 100 ti 300 percent
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| Hyper Inflation | Inflation in the range of 500 percent a year and above.
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| Lorenz Curve | A curve that shows how much the actual distribution of income varies form and equal distribution
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| Poverty Guidelines | Annual dollar amounts used to evaluate the money income that families and unrelated individuals receive
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| Welfare | Economic and social programs that provide regular assistance from the government or private agencies
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| Food Stamps | Government issued coupons that can be redeemed for food.
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| Earned Income tax Credit | Provides federal tax credits and sometimes cash to low-income workers
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| Enterprise Zones | Areas where companies can locate free of some some local state, and federal tax laws and other operating restrictions
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| Workfare | A program that requires welfare recipients to exchange some of their labor for benifits
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| Negative Income Tax | A proposed type of tax that would make cash payments to certain groups below poverty line.
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| What are the 2 main phases of the business cycle? | Recession- where GDP decline
Expansion- where it recovers from recession
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