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ECON 5 - Infl. GDP

Inflation, GDP, Business Cycle, Unemployment

TermDefinition
Inflation general rise in prices
Demand-pull inflation in a growing economy, increasing demand can pull prices up
Cost-push inflation when cost of production rises, prices tend to rise
Wage-Price spiral self-perpetuating spiral of wages and prices increasing
Fixed income an revenue that is set at a particular figure and does not change or rise with the rate of inflation
Stagflation period of low or no economic growth combined with inflation
Deflation no economic growth combined with devaluation of money
Unemployed those available to work who don't have a job but have made a specific effort to find a job in the last month
Unemployment Rate the number of people who do not have a job but are actively looking for one as a percentage of the labor force
Frictional Unemployment workers who are between old job and new job
Structural Unemployment a fundamental change in the economy has occurred which has resulted in job loss
Cyclical Unemployment employment that follows the swings of the business cycle
Seasonal Unemployment resulting from changes in weather or seasonal demand
Full employment lowest possible rate with economy growing efficiently
Business Cycle recurring ups and downs of the real GDP
Gross Domestic Product the dollar amount of all final goods and services produced within a country’s borders in a given year
Contraction period of decline in the economy as measured by changes in real GDP
Expansion period of recovery from recession and continues until economy reaches a new peak
Peak point where real GDP stops going up
Trough turn around point where real GDP stops going down
Created by: ddenson80
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