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ECO201 Chapter 9 Vocabulary

Teacher: Professor Glenda Evans
Across
determined by dividing nominal income by the price level expressed in hundredths.
recovery in which the economy experiences an increase in real output.
primary measure of inflation in the United States
a decline in the price level
extremely high rates of inflation
unemployment is due to workers with marketable skills searching for new jobs or waiting to take new jobs.
predicts that for every 1 percent the actual unemployment rate exceeds the natural rate of unemployment, there is a negative GDP gap of about 2 percent.
Down
unemployment arises from a decline in total spending in the economy that pushes an economy into an economic downturn or recession.
workers who have left the labor force are not counted as unemployed.
When real output is no longer declining
calculated by dividing the number of persons in the labor force who are unemployed by the total number of persons in the labor force.
unemployment is due to the changes in technology and in the types of goods and services consumers wish to buy.
the result of excess total spending in the economy
a period of decline in real output that lasts six months or longer
the result of factors that raise per-unit production costs.
maximum level of real output at the start of the cycle
an increase in the general level of prices in the economy.