Unit 4 Vocab

all people age 16 and above who are either employed or unemployed

• labor force

• unemployed

• employed

• discouraged workers

people who are actively looking for work but are currently unemployed

• labor force

• employed

• unemployed

• gross domestic product

percentage of people in the labor force who are classified as unemployed

• unemployment rate

• labor force participation rate

• employment rate

• discouraged worker rate

type of unemployment that means you are between jobs

• frictional

• structural

• cyclical

• seasonal

type of unemployment that means your job was lost due to economic growth

• frictional

• structural

• cyclical

• seasonal

type of unemployment that means you do not have a job due to a change in the business cycle

• frictional

• structural

• cyclical

• seasonal

general rise in the price level throughout the economy, reduces purchasing power of money

• inflation

• deflation

• disinflation

general fall in the price level throughout the economy, increases purchasing power of money

• inflation

• deflation

• disinflation

most commonly used measurement of inflation, calculated using a market basket

• consumer price index

• demand index

• supply index

• employment index

dollar value of all final goods/services produced within a country's borders during a one year period

• gross domestic product

• gross nominal product

• domestic product

• national product