Chapter 13 terms
Terms in this set (12)
a cycle or series of cycles of economic expansion and contraction.
unemployment that results when the overall demand for goods and services in an economy cannot support full employment. It occurs during periods of slow economic growth or during periods of economic contraction.
the unemployment which exists in any economy due to people being in the process of moving from one job to another.
Gross domestic product
the total value of goods produced and services provided in a country during one year.
The general increases of prices and fall and in the purchasing of value of money
for each person; in relation to people taken individually.
Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation). This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output.
a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
A long recession of the economy or market
unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.
Periodic unemployment created by seasonal variations in particular industries, especially industries such as construction that are affected by the weather.
a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force.