Unit 4 Vocab

Front

All individuals aged 16+ who are employed or unemployed.

Back

Labor force

Front

People actively seeking work but currently without a job.

Back

Unemployed

Front

Percentage of labor force classified as unemployed

Back

Unemployment rate

Front

Type of unemployment when between jobs

Back

Frictional

Front

Type of unemployment due to economic growth

Back

structural

Front

Type of unemployment due to business cycle changes

Back

cyclical

Front

General rise in price level reduces money's purchasing power.

Back

Inflation

Front

General decline in price level, increasing money's purchasing power.

Back

Deflation

Front

Most common inflation measurement using a market basket.

Back

Consumer Price Index

Front

Dollar value of all final goods/services produced in a country in one year.

Back

Gross Domestic Product