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The Business Cycle

TermDefinition
A nation is said to be at 'full employment' when their national unemployment rate is... 5% or less
When GDP drops for 8-12 months straight and national income is declining, the nation's economy is said to be in a _______. recession
When GDP drops for 16 or more months straight, a nation's economy is said to be in a _______. depression
The worst downturn in US economic history was triggered by the 1929 stock market crash. What was this event called? The Great Depression
In what decade did the Great Depression occur? 1930's
This type of unemployment is caused by a change in the economy that reduces demand for workers and their skills. structural unemployment
This type of unemployment occurs when workers are between jobs or are waiting to start new ones. frictional unemployment
This kind of unemployment is related to changes in the business cycle. cyclical unemployment
This kind of unemployment is caused by changes in the weather or demand for certain goods & services. seasonal unemployment
How is the unemployment rate calculated? number of unemployed people divided by the number of civilian employed people
Alternating periods of economic growth & decline is called the _______. business cycle
This is an abnormal type of inflation in excess of 500% per year; it is the last stage before financial collapse. hyperinflation
This is a relatively low rate of inflation, usually 1 to 3% a year. creeping inflation
A rise in the general level of prices is called... inflation
What is the difference between a recession & a depression? A depression is longer and more severe than a recession.
What 2 devices are used to predict future economic activity? econometric models and the index of leading indicators
What are the 2 phases of the business cycle? expansion and contraction
In which part of the business cycle is GDP and inflation at their lowest points and unemployment is at its highest point? trough
In which part of the business cycle is GDP and inflation at their highest points & unemployment is at its lowest point? peak
In which part of the business cycle is GDP and inflation rising and unemployment is falling? expansion phase
In which part of the business cycle is GDP and inflation falling, while unemployment is rising? contraction phase
This theory says inflation is caused by too much demand; it more or less blames consumers. demand-pull theory
This theory says inflation is caused by land, labor, and capital getting more expensive for producers. rising cost of inputs
This theory of inflation says inflation is caused by too much money in circulation; this is the most popular theory for the cause of inflation. excessive monetary growth
Created by: lesterstoffels
 

 



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