Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Macroeconomics Ch.7

Definitions for "Principles of Macroeconomics 3rd Canadian Edition"

QuestionAnswer
Recessionary Gap a positive output gap, which occurs when potential output exceeds actual output
Expansionary Gap a negative output gap which occurs when actual output is higher than potential output
Depression a particular severe or protracted recession
Recession (contraction) a period in which the economy is growing at a rate significantly below normal
Trough the end of a recession -- the low point of economic activity prior to a recovery
Peak the beginning of a recession -- the high point of economic activity prior to a downturn
Expansion a period in which the economy is growing at a rate above normal
Boom a particularly strong and protracted phase of an expansion
Potential Output (or potential GDP or full-employment output) the amount of output (real GDP) that an economy can produce when using its resources such as capital and labour, at normal rates
Output Gap (or Y - Y*) the difference between the economy's potential output and its actual output at a point in time
Structural Unemployment unemployment that occurs when workers are unable to fill avaliable jobs because they lack the skills or do not live where the jobs are avaliable
Frictional Unemployment the short-term uneployment associated with the process of matching workers with jobs
Cyclical Unemployment the extra unemployment brought by periods of recession
Seasonal Unemployment unemployment associated with the seasons and/or weather
Natural Rate of Unemployment (or u*) the part of the total unemployment that is attributable to various kinds of unemployment
Okun's Law states that each extra % point of cyclical unemployment is associated with a 2-%-point increase in the output gap measured in relation to potential output
Created by: aliciab
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards