The Business Cycle
This phase of the business cycle is when the economy is in a consistent state of improvement.
What is expansion?
This severe business fluctuation in the past decade caused an economic downturn that the United States is actively recovering from.
What is the Covid-19 Pandemic?
Unemployment that is related to holidays, seasons, or other things that come and go throughout the year.
What is seasonal?
A general decrease in prices.
What is deflation?
The total number of unemployed persons in the country divided by the labor force can be used to determine this.
What is the unemployment rate?
The highest point in the business cycle.
What is a peak?
A significant increase or downturn in the economy outside of the normal cycle.
What is a business fluctuation?
The number of people in the nation that are of working age and able to do so.
What is the civilian labor force?
This type of inflation is categorized by an extreme increase in prices by at least 500%.
What is hyperinflation?
This type of inflation is caused when consumers desire for a product increases drastically, causing companies to increase price.
What is demand-pull?
The lowest point of the business cycle.
What is a trough?
Often used to track economic stability, this is the total amount of money attributed to goods and services in an entire country.
What is Gross Domestic Product?
This type of unemployment is defined as when a worker is in between jobs.
What is frictional?
Companies are forced to increase prices because it becomes more expensive for them to produce their product.
What is Cost-Push Inflation?
The most common kind of inflation, a 1-3% increase per year.
What is creeping inflation?
War, disease, and natural disasters are all examples of this cause of the business cycle.
What are external shocks?
What is fiscal policy?
This type of unemployment is directly related to the Business Cycle: as contractions/recessions come, unemployment rises.
What is cyclical?
In order to determine the national inflation rate, the government will use this.
What is the Consumer Price Index?
What is the market basket?
The worst contraction of the United States economy of the 21st century.
What is the Great Recession?
During The Great Depression, the unemployment rate reached this unbelievable percentage in the United States.
What is 25%?
An artist losing his job because his company decides to use AI for its posters instead would be experiencing this type of unemployment.
What is technological?
The most common reason for inflation, caused by the natural desire for workers to earn more and companies to make more.
What is Wage-Price Spiral?
Chariot drivers around the world experience this kind of unemployment when the first cars were invented.
What is structural?