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Gross Domestic Product
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The value of the total output of goods and services produced in a country in a given time period (normally one year).
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Business Cycle
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Alternating periods of economic expansion and economic recession
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economic expansion
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the situation that occurs when an economy is growing and people are spending more money; their purchases stimulate the production of goods and services, which in turn stimulates employment.
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economic recession
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A moderate but sustained downturn in the economy. Recessions are part of the economy's normal cycle of ups and downs.
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unemployment
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As measured by the Bureau of Labor Statistics, the proportion of the labor force actively seeking work but unable to find jobs
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frictional unemployment
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A type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs.
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structural unemployment
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unemployment that occurs when workers' skills do not match the jobs that are available
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cyclical unemployment
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unemployment that rises during economic downturns and falls when the economy improves
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inflation
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An increase in the overall level of prices for goods.
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demand pull inflation
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increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand
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cost push inflation
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When prices rise due to an increase in the cost of production.
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aggregate supply
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the total amount of goods and services in the economy available at all possible price levels
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aggregate demand
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The total quantity of goods and services that all buyers in an economy (Consumers, Firms, the Government, and Foreigners) want to buy over a particular time period, at different possible price levels.
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consumer price index
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A measure of the cost of living for the typical household. It compares the value of a market basket of goods and services in one year with the value of the same basket in a base year.
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