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Chapter 10 What Causes Recessions and High Unemployment?
Terms in this set (24)
Fluctuations in economic activity over a period of time
Decline in economic activity lasting more than a few months
Severe, prolonged, decline in economic activity
Expansion Phase of the Business Cycle
Real GDP is increasing over time
Contraction Phase of the Business Cycle
Real GDP is falling over time
Indicators that hopefully show us where the economy has been
Indicators that hopefully show us where the economy is now
Indicators that hopefully show us where the economy is going
Total number of people in the U.S.
Civilian Noninstitutional Population
All persons 16 years and over who are NOT in the military and are NOT institutionalized
Not in Labor Force
All persons 16 years and older in the civilian noninstitutional population who choose not to work.
Civilian Labor Force
All persons 16 years and older in the civilian noninstitutional population who are either employed or unemployed.
All persons in the civilian labor force who did any paid work during the survey week
All persons in the civilian labor force who do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work
Types of Employment
Frictional Unemployment, Structural Unemployment, Seasonal Unemployment, Cyclical Unemployment
Caused by the normal search time for people to find a job like the one they had before
Caused by a mismatch of the skills needed for available local jobs and the skills the job applicant possesses
Caused by changes in the seasons
Caused by a downturn in the business cycle
The level of employment where we have NO cyclical unemployment
Full Employment Unemployment Rate
The unemployment rate that would exist if we had NO cyclical unemployment. We would still have frictional, structural, and seasonal unemployment.
Partial replacement of an unemployed person's paycheck for a specified period of time (usually 6 months to 1 year).
People working fewer hours than usual and/or working in jobs below what they are qualified for
Previously unemployed people who give up looking for work
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