Hudson, Macroeconomics Blinn
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| 495761084 | business cycles | short-term fluctuations in the economy relative to the long-term trend in output | |
| 495761085 | consumer price index (CPI) | a measure of the cost of a market basket that represents the consumption of a typical household | |
| 495761086 | contraction | when the economy is slowing down—measured from the peak to the trough | |
| 495761087 | cyclical unemployment | unemployment due to short-term cyclical fluctuations in the economy | |
| 495761088 | deflation | a decrease in the overall price level, which increases the purchasing power of money | |
| 495761089 | depression | severe recession or contraction in output | |
| 495761090 | discouraged worker | an individual who has left the labor force because he or she could not find a job | |
| 495761091 | efficiency wage model | theory stating that higher wages lead to greater productivity | |
| 495761092 | Employment Act of 1946 | a commitment by the federal government to pursue both full employment and stable prices | |
| 495761093 | expansion | when output (real GDP) is rising significantly—the period between the trough of a recession and the next peak | |
| 495761094 | frictional unemployment | the unemployment that results from workers searching for suitable jobs and firms looking for suitable workers | |
| 495761095 | GDP deflator | a price index that helps measure the average price level of all final consumer goods and services produced | |
| 495761096 | hyperinflation | extremely high rates of inflation for sustained periods of time | |
| 495761097 | inflation | a rise in the overall price level, which decreases the purchasing power of money | |
| 495761098 | job leaver | a person who quits his or her job | |
| 495761099 | job loser | an individual who has been temporarily laid off or fired | |
| 495761100 | labor force | the number of people aged 16 and over who are available for employment | |
| 495761101 | labor force participation rate | the percentage of the working age population in the labor force | |
| 495761102 | leading economic indicators | factors that economists at the Commerce Department have found typically change before changes in economic activity | |
| 495761103 | menu costs | the costs imposed on a firm from changing listed prices | |
| 495761104 | minimum-wage rate | an hourly wage floor set above the equilibrium wage | |
| 495761105 | natural rate of unemployment | the median, or "typical," unemployment rate, equal to the sum of frictional and structural unemployment when they are at a maximum | |
| 495761106 | new entrant | an individual who has not held a job before but is now seeking employment | |
| 495761107 | nominal interest rate | the reported interest rate that is not adjusted for inflation | |
| 495761108 | nominal leading economic indicators | factors that economists at the Commerce Department have found typically change before changes in economic activity | |
| 495761109 | peak | the point in time when expansion comes to an end, that is, when output is at the highest point in the cycle | |
| 495761110 | potential output | the amount of real output the economy would produce if its labor and other resources were fully employed, that is, at the natural rate of unemployment | |
| 495761111 | price index | a measure of the trend in prices paid for a certain bundle of goods and services over a given period | |
| 495761112 | price level | the average level of prices in the economy | |
| 495761113 | producer price index | a measure of the cost of goods and services bought by firms | |
| 495761114 | real gross domestic product (RGDP) | the total value of all final goods and services produced in a given period, such as a year or a quarter, adjusted for inflation | |
| 495761115 | real interest rate | the nominal interest rate minus the inflation rate; also called the inflation-adjusted interest | |
| 495761116 | recession | a period of significant decline in output and employment | |
| 495761117 | reentrant | an individual who worked before and is now reentering the labor force | |
| 495761118 | relative price | the price of a specific good compared to the price of other goods | |
| 495761119 | shoe-leather cost | the time and inconvenience cost incurred when individuals reduce their money holdings because of inflation | |
| 495761120 | structural unemployment | the unemployment that results from workers not having the skills to obtain long-term employment | |
| 495761121 | The Employment Act of 1946 | Many economic problems—particularly those involving unemployment, price instability, and economic stagnation—are pressing concerns for the U.S. government. | |
| 495761122 | trough | the point in time when output stops declining, that is, when business activity is at its lowest point in the cycle | |
| 495761123 | underemployment | a situation in which a worker's skill level is higher than necessary for a job | |
| 495761124 | unemployment | the median, or "typical," unemployment rate, equal to the sum of frictional and structural unemployment when they are at a maximum | |
| 495761125 | unemployment rate | the percentage of the population aged 16 and older who are willing and able to work but are unable to obtain a job | |
| 495761126 | Boom | A period of fast economic growth |
