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Definition
Economic Growth Stable Prices Full Employment |
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Term
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Definition
the highest level of GDP that has been attained up to that time |
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Term
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Definition
when real GDP reaches a temporary low point and from which the next expansion begins |
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Definition
occurs when the real GDP is rising, this ends once the real GDP reaches it's peak |
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Term
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Definition
a period of falling production that lasts for at least six months |
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Term
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Definition
Cyclical unemployment increases during a recession and decreases during a expansion |
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Term
Natural Rate of Unemployment |
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Definition
The unemployment rate when the economy is at full employment |
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Term
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Definition
the level of real GDP that the economy would produce if it were at full employment |
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Term
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Definition
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Term
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Definition
| (CPI in current year- CPI in previous year)/ CPI in previous year all of this multiplied by 100 |
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Definition
| when the inflation rate exceeds 50 percent a month |
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Definition
| (commodity) substitution bias, unmeasured quality change, introduction of new goods, outlet substitution bias |
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Definition
| As a policy target, to index payments, translate from nominal to real values |
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Definition
| the average hourly wage rate measured in current dollars |
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Term
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Definition
the average hourly wage rate measured in the dollars of a given reference base year
Form: Nominal Wage Rate in 2006/ CPI in 2006 * 100 |
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Definition
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