macro economics
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10 terms
Terms | Definitions |
|---|---|
 stagflation | a period of slow economic growth and high unemployment (stagnation) while prices rise (inflation) |
| deregulation | the removal of some government controls over a market |
| net export | exports minus imports |
| GDP | Gross Domestic Product- the total market value of all final goods and services produced annually in an economy |
| consumer price index | an index of the cost of all goods and services to a typical consumer |
| structural unemployment | caused by changes in the nature of production |
| frictional unemployment | unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills |
| cyclical unemployment | caused by lack of adequate demand for a product |
| unemployment rate | the percentage of the work force that is unemployed at any given date |
| federal reserve | the central bank of the United States |
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