Krugman AP Macro Economics Chapter 2
Subject:
Economics [1]
Tags:
economics [2]
inflation [3]
business cycle [4]
macroeconomics [5]
unemployment [7]
deflation [8]
Great Depression [9]
Recession [10]
Monetary inflation [11]
Labour economics [12]
Full employment [13]
Labor [14]
Business [15]
behavior [16]
Human development [17]
Computing [18]
Electronic documents [20]
Psychoanalysis [22]
Human behavior [23]
Attachment theory [25]
Technology [26]
Chapter 2: Module Introduction to Macroeconomics ? Business Cycle: differences between downturns and upturns in macroeconomic Depression: Deep and prolonged downturn (ex: great depression) Recession: shorter economic downturns where output and employment are dropping (ex: state of the US now) Expansion: upturn where output and employment are rising Employment/Unemployment Employment: total number of people working for pay, rises in good economy Unemployment: total number of people who aren?t employed, rises in bad economy Labor Force: A country?s sum of employment and unemployment Unemployment Rate: percentage of labor force/people in country who are unemployed Aggregate Output Output: quantity of goods and services, decreases in bad economy