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Macroeconomics
| Term | Definition |
|---|---|
| Demand-Pull Inflation | Inflation caused by high demand for a particular g/s |
| Retail Sales | Total sales of goods by all retail stores. |
| Business Cycle | Economic Up’s and Down’s. Measures GDP from year to year. |
| Cyclical Unemployment | Job loss due to economic downturns. |
| Unemployment Rate | The percentage of people looking for a job. |
| Inflation | An increase in the price of goods and services. |
| Housing Starts | An estimate of the number of housing units on which construction was started. |
| Cost-Push Inflation | Inflation caused by high resource costs. |
| Structural Unemployment | Job loss due to technology. |
| Gross Domestic Product per capita (GDP per capita) | GDP divided by the population. |
| Recession | A contraction (decrease) in GDP for more than 6 months. |
| Monetary Policy | A strategy that the Federal Reserve uses to speed or slow the economy down. |
| Frictionally Unemployed | Someone who quit, got fired, is looking for a job after school, or looking for a new job after moving. |
| Gross Domestic Product (GDP) | The market value of all g/s produced in a country in a calendar year. |
| Labor Force | Individuals over the age of 16 looking for work. |
| Inflation Rate | The percentage of rise in general prices over time. |