Unit 5 - Macroeconomics

Front

The study of the economy as a whole and how major sectors of the economy interact.

Back

Macroeconomics

Front

A rise in the overall price level

Back

Inflation

Front

People who are actively looking for a job but aren't employed

Back

Unemployed

Front

the sum of the employed + unemployed

Back

Labor Force

Front

A period during which a country’s Gross Domestic Product declines for at least six consecutive months.

Back

Recession

Front

VOCABULARY: A state of economic hardship characterized by high levels of unemployment and a decline in manufacturing and income. Recession lasting for more than a year.

Back

Depression

Front

In a typical business cycle, what stage immediately follows a peak?

Back

contraction

Front

What type of unemployment is Peggy MOST likely experiencing if she is unable to find a job that suits her interests right away? Options: Structural, Seasonal, Frictional, Cyclical

Back

Frictional

Front

The lowest point of output in a recession, before a recovery begins

Back

trough

Front

The HIGHEST Point in business cycle

Back

Peak