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9 Cards in this Set
- Front
- Back
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business cycle
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peak(irrational exuberance), contraction( economy slows down), through(recession), expansion(economy starts back up again)
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labor force
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unemployed and employed
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structural unemployment
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unemployment where there is a poor match in the skills of the worker and the job
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Frictional unemployment
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unemployment due to the fact that a worker must search for appropriate job offers
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cyclical unemployment
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unemployment related to recession
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cost-push inflation
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there is a shortage of supply of labor, raw materials or capital. The demand remains the same, but since there are fewer goods or services, the provider can charge more
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demand-pull inflation
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increases in the price level are caused by an excess of total spending beyond the economy's capacity to produce
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percentage of natural rate unemployment
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5 percent
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consumer price index
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a statistical measure of a weighted average of prices of a specified set of goods and services purchased by typical consumers in urban areas.
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