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11 Cards in this Set
- Front
- Back
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Read GDP
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the inflation- adjusted value of GDP; the value of output measured in CONSTANT prices
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Nominal GDP
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The total value of goods and services produced within a nation's borders, measured in CURRENT prices.
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Unemployment
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The inability of labor force participants to find jobs
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The Labor Force
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All persons over16 who are either working for pay or actively seeking paid employment
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Unemployment Rate
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The proportion of the labor force that is unemployed.
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Business Cycles
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Alternating periods of economic growth and contraction.
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Peaks
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The highest point between the end of an economic expansion and the start of a contraction in a business cycle
It is at this point that real GDP spending in an economy is its highest level. |
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Troughs
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It is at this point that real GDP spending in an economy is its highest level.
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Contractions
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A phase in which the economy as a whole is in decline.
a contraction is said to occur when a country's real GDP has declined for two or more consecutive quarters. |
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Recessions
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A decline in total output (real GDP) for two or more consecutive quarters.
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Expansions
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e of the business cycle when the economy moves from a trough to a peak. It is a period when business activity surges and GDP expands until it reaches a peak.
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