1.2 Flashcards
1
Q
Depression
A
A very deep and prolonged downturn.
2
Q
Recessions
A
Periods of economic downturns when output and employment are falling
3
Q
Expansions
A
Or recoveries, are periods of economic upturns when output and employment are rising.
4
Q
Employment
A
The number of people currently employed in the economy.
5
Q
Unemployment
A
The number of people who are actively looking for work but aren’t currently employed.
6
Q
Labor Force
A
Is equal to the sum of employment and unemployment.
7
Q
Unemployment Rate
A
The percentage of the labor force that is unemployed.
8
Q
Output
A
The quantity of goods and services produced.
9
Q
Business Cycle
A
The short-run alteration between economic downturns, known as recessions, and economic upturns, known as expansions.
