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

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Macroeconomics

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A rise in the overall price level

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Inflation

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

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Unemployed

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the sum of the employed + unemployed

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Labor Force

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

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Recession

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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.

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Depression

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

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contraction

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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

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Frictional

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

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trough

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The HIGHEST Point in business cycle

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Peak