Inflation, GDP, Business Cycle, Unemployment
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| Inflation | general rise in prices
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| Demand-pull inflation | in a growing economy, increasing demand can pull prices up
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| Cost-push inflation | when cost of production rises, prices tend to rise
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| Wage-Price spiral | self-perpetuating spiral of wages and prices increasing
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| Fixed income | an revenue that is set at a particular figure and does not change or rise with the rate of inflation
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| Stagflation | period of low or no economic growth combined with inflation
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| Deflation | no economic growth combined with devaluation of money
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| Unemployed | those available to work who don't have a job but have made a specific effort to find a job in the last month
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| Unemployment Rate | the number of people who do not have a job but are actively looking for one as a percentage of the labor force
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| Frictional Unemployment | workers who are between old job and new job
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| Structural Unemployment | a fundamental change in the economy has occurred which has resulted in job loss
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| Cyclical Unemployment | employment that follows the swings of the business cycle
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| Seasonal Unemployment | resulting from changes in weather or seasonal demand
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| Full employment | lowest possible rate with economy growing efficiently
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| Business Cycle | recurring ups and downs of the real GDP
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| Gross Domestic Product | the dollar amount of all final goods and services produced within a country’s borders in a given year
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| Contraction | period of decline in the economy as measured by changes in real GDP
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| Expansion | period of recovery from recession and continues until economy reaches a new peak
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| Peak | point where real GDP stops going up
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| Trough | turn around point where real GDP stops going down
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Created by:
ddenson80
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