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Economic

TermDefinition
Unemployment Rate The number of people without jobs who are looking for work divided by the number in the labor force.
Business Cycle Recurring slowdown and growth of an economy.
Expansion The phrase of economic activity during which the economy's total output increases.
Recession A decline in total production lasting at least two consecutive quarters, or at least six months.
Depression Major slow down of economic activity.
Recovery The increase in the overall economic activity.
Prosperity A successful, flourishing, or thriving condition, esp. in financial respects; good fortune.
Laissez-faire Economic system in which the government minimizes its interference with the economy.
Created by: kiarahoskins
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